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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; text-align: right;" nowrap="nowrap" align="center" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">2015</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap" align="center" colspan="2"><br/></td>
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<td style="vertical-align: top; text-align: left;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: top;" nowrap="nowrap" colspan="2" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 87%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected volatility</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; padding: 0px 5px 0px 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4.389</font>%-<font>8.078</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected terms</font></td>
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<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.24</font>-<font>0.63</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">USD Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px 5px 0px 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.16</font>%-<font>0.53</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2.24</font>%-<font>2.28</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
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13669112
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>30. FAIR VALUE MEASUREMENTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions.<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> Fair value of cash equivalents, restricted cash and restricted short-term investment are categorized as level 1 under the fair value hierarchy, as they based on quoted prices in active markets. Short-term borrowings and long-term borrowing are categorized as level 2 under the fair value hierarchy, as they based on quoted prices in less active markets.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Fair value change in forward contracts </i></b></font><em><font style="font-size: 10pt;"><b><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">and call spread</b></b></font></em></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company's forward contracts have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign currency forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within "Change in fair value of forward contracts" in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of  EUR<font>69</font> million, and JPY<font>2,000</font> million as of December 31, 2015. These foreign exchange forward contracts mature within <font>12</font> months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company's foreign currency exchange contract is an over-the-counter instrument.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group classified the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.<br/><br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company purchased foreign exchange call spread combined option contracts with a total notional value of US$<font>70</font> million during the year ended December 31, 2015. These foreign exchange call spread mature within <font>12</font> months. The Company adopted the Black-Scholes Option Pricing (“B-S”) Model to value the Currency Option Contracts. The B-S Model is widely used and accepted as a common valuation practice in valuing such currency option. The significant inputs used in the aforementioned model are unobservable inputs which there are little or no market data and therefore the fair value measurements are classified as level 3. The Company's foreign currency call spread is an over-the-counter instrument.</font><br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The call spread option is asset derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income. <font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;">As of December 31, 2015, the fair value of the call spread option was RMB <font>7,277,406</font> which was recorded as derivative assets under Prepayments and Other Current Assets (Note 11). The fair value change was a loss of RMB <font>370,437</font> for the year ended December 31, 2015.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Convertible Senior Notes and Capped Call Options</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company has adopted valuation models to assess the fair value for capped call options and the Notes, as the capped call options are not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company's best estimates on the valuation date. Inputs related to the Binomial models for convertible debt fair value are: spot price, conversion price, time to maturity, expected dividend yield, expected share volatility, risk free interest rate, yield-to-maturity and put option exercisable period, of which spot price and expected share volatility are most significant to valuation determination of convertible debt.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Available-for-sale investment </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On a recurring basis, the Company measures available-for-sale investment at fair value. Since the available-for-sale investment does not have quoted price in active markets, the Company has adopted Binomial Tree option pricing model to assess their fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgements as well as the Company's best estimates on the valuation date.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inputs related to the Binomial Tree option pricing model for the valuation of the fair value of available-for-sale investment are: spot price, conversion price, time to maturity, expected dividend yield, expected share volatility, risk free interest rate, and yield-to-maturity, of which spot price is most significant to valuation determination. The following methods were adopted for each input:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">a.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Spot price: quoted closing price of listed shares of Kinexia SpA(KNX IM) as of each re-measurement date;</font></td>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">b.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Conversion price: according to the indenture of the subject available-for-sale investment;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">c.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Time to maturity: time period from the respective re-measurement date to maturity date. Maturity date was referred from the indenture of the subject available-for-sale investment;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">d.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected dividend yield: based on indicative dividend yield of the underlying company (i.e. KNX.IM) as of each re-measurement date;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">e.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected share volatility: based on the implied volatility of the listed shares of Kinexia (i.e. KNX.IM) with a time period equal to the time to maturity as of each re-measurement date;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">f.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk free interest rate: based on the yield of Italy Treasury Bonds with a maturity equal to the time to maturity as of each re-measurement date; and</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 3%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">g.</font></td>
<td style="width: 84%; text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Yield-to-maturity: based on the average yield-to-maturity of comparable corporate bullet bonds with similar remaining maturity period and credit risk as of each re-measurement date; and</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>Warrants</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;">The Company adopted Binominal Tree option pricing model to assess the warrants' fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgments as well as the Company's best estimates on the valuation date. Key inputs related to the Binomial Tree option pricing model for the valuation of the fair value of warrants are: probabilities assigned among IPO and non-IPO scenarios, time to maturity, volatility, dividend yield, as well as risk-free rate, of which probabilities assigned among IPO and non-IPO scenarios, volatility, and risk-free rate are most significant to valuation determination of the warrants.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Recurring change in fair value</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2013, 2014 and 2015, information about the hierarchy of the fair value measurements for the Company's assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows:</font></p>
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<table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">Description</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Balance as of <br/> December 31, <br/> 2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Quote prices in <br/> active market <br/> for identical <br/> assets (Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Significant other <br/> observable <br/> inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Significant <br/> unobservable <br/> inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left;">Foreign exchange forward contracts</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>43,160,093</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>-</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>43,160,093</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>-</font></td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Capped call options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>107,223,601</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>107,223,601</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Available-for-sale investment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>30,117,797</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>30,117,797</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold;">Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Foreign exchange forward contracts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>10,080,395</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>10,080,395</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Convertible senior notes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>770,485,897</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>770,485,897</font></td> <td style="text-align: left;"> </td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/>December 31,<br/>2014</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote prices in<br/>active market<br/>for identical<br/>assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant other<br/>observable<br/>inputs (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/>unobservable<br/>inputs (Level 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Assets:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'times new roman'; width: 1%; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,712,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,712,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,901,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,901,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/>December 31,<br/>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote prices in<br/>active market<br/>for identical<br/>assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant other<br/>observable<br/>inputs (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/>unobservable<br/>inputs (Level 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Assets:</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">Call spread option</font><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>7,277,406</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>7,277,406</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,038,537</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,038,537</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,295,737</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,295,737</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,506,981,361</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;">
<p style="margin: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506,981,361</font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">Warrant Liability</font><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>68,377,608</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);">
<p style="margin: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>68,377,608</font></font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2013, 2014 and 2015 were as follows:</font></p>
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<div>
<div class="CursorPointer">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong><strong> </strong><strong> </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>483,581,668</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">770,485,897</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">914,850,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Foreign exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(18,298,249</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font><br/></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,853,455</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">96,678,461</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>305,202,478</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Repurchase of convertible senior notes</font><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(138,496,663</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>770,485,897</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506,981,361</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of changes in Level 3 fair value of capped call options for the year ended December 31,2013, 2014 and 2015 were as follows:</font></p>
<div class="CursorPointer">
<div>
<div class="CursorPointer">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>16,131,208</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">107,223,601</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Foreign exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(1,203,512</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font><br/></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">563,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,562,342</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of capped call options</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>92,295,905</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(86,689,063</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>107,223,601</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of the assumptions used in the valuation of convertible senior notes and capped call options due 2016 was as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value of ADS</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>29.30</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>19.71</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>27.67</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Strike price</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>33.75</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>33.75</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>33.75</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.53</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.44</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.52</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Standard volatility</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>70.6</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font><br/></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">64.31</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>46.14</font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
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</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of the assumptions used in the valuation of convertible senior notes due 2019 was as follows:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; text-align: center;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>As of December 31,</strong><strong> </strong><strong> </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value of ADS</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="font-family: 'times new roman'; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>19.71</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>27.67</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Strike price</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>45.83</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>45.83</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.51</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.47</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Standard volatility</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">66.31</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>40.44</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
</table>
</div>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of changes in Level 3 fair value of available-for-sale investment for the year ended December 31, 2014 and 2015 were as follows:</font></p>
<div class="CursorPointer">
<div>
<div class="CursorPointer">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="padding: 0px 5px 0px 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px 5px 0px 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,117,797</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Receipt of available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>23,730,486</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange gain/(loss)</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>344,877</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,446,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of available-for-sale</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>6,042,434</font></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,795,960</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Transfer to receivable (Note 2 (g))</font><br/></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; text-align: right; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(20,875,725</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; text-align: right;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>30,117,797</font></font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The fair value of call spread options during the year ended December 31, 2015 is estimated on the date of grant using Black-Scholes model with the following assumptions:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'times new roman'; padding: 0px;" nowrap="nowrap" align="center"></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap" align="center"></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; text-align: right;" nowrap="nowrap" align="center" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">2015</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap" align="center" colspan="2"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: top;" nowrap="nowrap" colspan="2" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" align="center"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 87%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected volatility</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; padding: 0px 5px 0px 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4.389</font>%-<font>8.078</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected terms</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.24</font>-<font>0.63</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">USD Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px 5px 0px 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.16</font>%-<font>0.53</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap; padding-right: 5px;" align="left"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; font-size: 10pt; vertical-align: bottom; white-space: nowrap;" nowrap="nowrap" align="right"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2.24</font>%-<font>2.28</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> %</font></td>
</tr>
</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">A summary of changes in Level 3 fair value of call spread options for the year ended December 31, 2015 was as follows:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the year ended December 31, 2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at January 1,</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 87%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Purchase of call spread</font></td>
<td style="width: 1%; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 10%; text-align: right; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,647,843</font></font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of call spread</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(370,437</font></font></td>
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,277,406</font></font></td>
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The fair value of warrant liability as of December 31, 2015 is with the following assumptions:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<div style="display: block; ;display: block;">
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" nowrap="nowrap" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">    <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> </font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> As of December 31, 2015</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" nowrap="nowrap" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">IPO Senario</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: center;" nowrap="nowrap" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Non-IPO Senario</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected volatility</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>62.06</font></font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>N/A</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected terms</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>1.03</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.03</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>N/A</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.72</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">% </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>N/A</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Fair value of warrants at December 31,2015 (USD)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;"><font>10.53</font> million</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">  </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">A summary of changes in Level 3 fair value of warrant liability for the year ended December 31 2015 were as follows: </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-size: 10pt; font-family: 'times new roman', times;">  </font></p>
<div>
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the year ended December 31, 2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at January 1,</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 87%; text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Issuance of warrant liability</font></td>
<td style="width: 1%; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 10%; text-align: right; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">62,331,211</font></font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Foreign exchange loss on warrant liability</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>3,950,373</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Change in fair value of warrant liability</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,096,024</font></font></td>
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">68,377,608</font></font></td>
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Change in fair value of derivatives</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Change in fair value of derivatives recognized in earnings was as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>For the year ended December 31,</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong><strong style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;">RMB</strong></strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 52%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts-realized</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 2%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-size: 10pt;">22,750,277</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-size: 10pt;">15,553,224</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>71,000,875</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts-unrealized</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">25,640,169</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(16,267,966</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(14,068,932</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Call spread options</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"><font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> <font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>(370,437</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(305,202,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">92,295,905</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(86,689,063</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Warrant liability</font><br/></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> <font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>-</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> <font>(2,096,024</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">(164,516,127</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; white-space: nowrap; vertical-align: middle; background-color: #cceeff;" valign="middle"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">63,386,902</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>39,894,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Non-recurring change in fair value</b></font></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2013</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="18" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/> December 31,<br/> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote Prices<br/>in active<br/>market for<br/>identical<br/> assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> other<br/> observable<br/> input (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> unobservable<br/> input (Leval 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total<br/> (losses)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 35%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; width: 2%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,186,997,950</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">3,186,997,950</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,573,248</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2014</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="18" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/> December 31,<br/> 2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote Prices<br/>in active<br/>market for<br/>identical<br/> assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> other<br/> observable<br/> input (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> unobservable<br/> input (Leval 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total<br/> (losses)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 35%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; width: 2%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">6,217,151</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">No
non-recurring change in fair value occurred in the year ended December 31,
2015.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360-10, long-lived assets held and used with a carrying amount of RMB<font>6,217,151</font> and <font>nil</font> as of December 31, 2014 and 2015 were written down to their fair value of zero, resulting in an impairment charge of and RMB<font>6,217,151</font> and <font>nil</font> for the year ended December 31, 2014 and 2015, respectively, which was calculated based on Level 3 Inputs and included in earnings for the respective years.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>For the year ended December 31,</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong><strong style="color: #000000; font-family: 'times new roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #fffff0;">RMB</strong></strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 52%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts-realized</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 2%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-size: 10pt;">22,750,277</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-size: 10pt;">15,553,224</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>71,000,875</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts-unrealized</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">25,640,169</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(16,267,966</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(14,068,932</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Call spread options</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"><font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> <font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>(370,437</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(305,202,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">92,295,905</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(86,689,063</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Warrant liability</font><br/></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;"> <font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>-</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> <font>(2,096,024</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">(164,516,127</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; white-space: nowrap; vertical-align: middle; background-color: #cceeff;" valign="middle"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">63,386,902</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>39,894,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2013</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="18" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/> December 31,<br/> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote Prices<br/>in active<br/>market for<br/>identical<br/> assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> other<br/> observable<br/> input (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> unobservable<br/> input (Leval 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total<br/> (losses)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 35%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; width: 2%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,186,997,950</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">3,186,997,950</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,573,248</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2014</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="18" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/> December 31,<br/> 2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote Prices<br/>in active<br/>market for<br/>identical<br/> assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> other<br/> observable<br/> input (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/> unobservable<br/> input (Leval 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total<br/> (losses)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 35%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; width: 2%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 9%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 9%;"><font><font style="font-size: 10pt;">6,217,151</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
24896609
39894282
P20Y
24021913
3707772
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">As of December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">RMB</td> <td style="font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 74%;">Completed</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>3,405,809,971</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>6,740,017,854</font></td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Under construction</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>1,065,404,823</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>651,828,100</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(118,144,405</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(347,117,150</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Project Assets, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font>4,353,070,389</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font>7,044,728,804</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table></div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the year ended December 31, 2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at January 1,</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 87%; text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Issuance of warrant liability</font></td>
<td style="width: 1%; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 10%; text-align: right; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">62,331,211</font></font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Foreign exchange loss on warrant liability</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>3,950,373</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #ffffff;">Change in fair value of warrant liability</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,096,024</font></font></td>
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">68,377,608</font></font></td>
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
67627740
112714385
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>an. Recent accounting pronouncements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), “Revenue from Contracts with Customers (Topic 606)”. This guidance was issued to clarify the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”). In addition, in August 2015, the FASB issued Accounting Standards Update No. 2015-14 (ASU 2015-14): “Revenue from Contracts with Customers (Topic 606).” This update was issued to defer the effective date of ASU No, 2014-09 by one year. Therefore, the effective date of ASU No, 2014-09 for public business entities is for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is in the process of evaluating the impact of ASU No. 2014-09 on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02), “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. ASU 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The ASU simplifies consolidation accounting by reducing the number of consolidation models from four to two. In addition, the new standard simplifies the FASB Accounting Standards Codification and improves current guidance by: (i) placing more emphasis on risk of loss when determining a controlling financial interest; (ii) reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a VIE; and (iii) changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (ASU 2015-03), “Simplifying the Presentation of Debt Issuance Costs,” in conjunction with their initiative to reduce complexity in accounting standards. This new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with presentation of a debt discount. The new standard is limited to the presentation of debt issuance costs and will not affect the recognition and measurement of debt issuance costs. The ASU will be effective for periods beginning after December 15, 2015, and interim periods within those fiscal years, for public companies. In August 2015, the FASB issued Accounting Standards Update No. 2015-15 (ASU 2015-15), “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 clarifies ASU 2015-03 by allowing the presentation of debt issuance costs related to a line-of-credit to be recorded as an asset instead of as a direct deduction of the carrying amount of the debt liability as required by ASU 2015-03, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-15 is effective upon issuance. The Group has adopted ASU 2015-03 in 2015. (Note 20)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (ASU 2015-11), "Inventory (Topic 330): Simplifying the Measurement of Inventory" which applies to inventory that is measured using first-in, first-out ("FIFO") or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, first-out ("LIFO"). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (ASU 2015-16), “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. Under this ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. This standard is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. Early adoption is permitted as of annual reporting periods beginning after December 15, 2015, including interim reporting periods within those annual periods. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This guidance was issued to simplify the presentation of deferred income taxes. The amendments in this Update require that deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group has not early adopted this Update. As of December 31, 2014 and 2015, the Company recorded current deferred tax assets amounted to RMB <font>77,562,041</font> and RMB <font>79,100,567</font>, respectively, and current deferred tax liabilities amounted to RMB <font>6,187,087</font> and RMB <font>9,266,399</font>, respectively.<font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"> The Group believes that adoption of this ASU will not have a material effect</font> on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01), "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The main objective of this update is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. Early adoption by public entities is permitted only for certain provisions. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), “Leases”. Under the new guidance, lessees will be required to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;">
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Year Ended </font></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></p>
</td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center;"><font style="font-size: 10pt;"><strong><font>2015</font></strong></font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; width: 88%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;">Net assets acquired</font></font></td>
<td style="font-weight: bold; padding-bottom: 1pt; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">114,000,000</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="/* font-weight: bold; */text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Total considerations</font></td>
<td style="font-weight: bold; padding-bottom: 2.5pt;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></strong></td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></strong></td>
<td style="border-bottom: Black 2.5pt double; /* font-weight: bold; */text-align: right;"><font><font style="font-size: 10pt;">114,000,000</font></font></td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
3505573
541167
7647843
1180624
412529
5070890
17597016
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>m. Project Assets, net</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Project assets represented the costs of solar power plants held for generation of electricity revenue and solar power plants under construction. Project assets are stated in the consolidated balance sheets at cost less accumulated depreciation and impairment provision, if any.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Costs of project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for procurement of solar module and other equipment (including intercompany purchases), cost of land on which solar power plants are developed and other direct costs for developing and constructing solar power plants, such as costs for obtaining permits required for solar power plants and costs for designing, engineering, interest costs capitalized and installation in the course of construction. Such costs are capitalized starting from the point when it is determined that development of the solar power plant is probable. For a solar power project asset acquired from third parties, the initial cost is the acquisition cost which includes the consideration transferred and certain direct acquisition costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Costs capitalized in the construction of solar power plants under development will be transferred to completed solar power plants upon completion and when they are ready for intended use, which is at the point of time when the solar power plant is connected to grids and begins to generate electricity. Depreciation of the completed solar power plant commences once the solar power plant is ready for intended use. Depreciation is computed using the straight-line method over the expected life of <font>20</font> years.<br/><br/></p>
</div>
21923756
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b><i>n. Assets held for sale</i></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b><i> </i></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Long-lived assets to be sold shall be classified as held for sale considering the recognition criteria in ASC 360-10-45-9 in which all of the following criteria are met:</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Management, having the authority to approve the action, commits to a plan to sell the asset.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year,</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></td>
</tr>
</table>
</div>
860299088
294398091
P2Y
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<div class="CursorPointer">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value of ADS</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>29.30</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>19.71</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>27.67</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Strike price</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>33.75</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>33.75</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>33.75</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.53</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.44</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.52</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Standard volatility</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>70.6</font></font></td>
<td style="font-family: 'Times New Roman'; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font><br/></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">64.31</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>46.14</font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; text-align: center;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>As of December 31,</strong><strong> </strong><strong> </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value of ADS</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="font-family: 'times new roman'; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>19.71</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>27.67</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Strike price</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>45.83</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>45.83</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk free interest rate</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.51</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.47</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Standard volatility</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">66.31</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>40.44</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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</table>
</div>
-3950373
-609833
3384445
-614295
-94831
2096024
323570
113025510
17448132
862138360
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; /* text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>20. BORROWINGS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>(a) Short-term borrowings</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Short-term bank borrowings</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,566,366,459</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,007,186,488</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Long-term bank borrowings—current portion</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">40,500,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>282,962,717</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total short-term borrowings</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,606,866,459</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,290,149,205</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The short-term bank borrowings outstanding as of December 31, 2014 and 2015 carried a weighted average interest rate of <font>4.78</font>% and <font>5.08</font>% per annum, respectively. Included in the balance of short-term bank borrowings as of December 31, 2015 were borrowings of RMB<font>32,944,442</font>,RMB<font>870,166,389</font> and RMB<font>140,908,818</font> which are denominated and repayable in EURO, USD and JPY, respectively.</font><br/><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In 2013, Jiangxi Jinko entered into a loan agreement with Jiangxi Guochuang Investment Co., Ltd. (“Guochuang”) for a three-year loan in the principle amount of RMB <font>8,000,000</font>. In 2013, Jiangxi Jinko received RMB <font>8,000,000</font> proceeds which were interest free. The borrowing was collateralized on stock rights of Jiangxi Jinko, which was hold by Jinko Technology. As of December 31, 2015, the Company reclassified the balance to short-term bank borrowings.</font></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> </font><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">In March 2015, the Company entered into a <font>five</font>-year RMB<font>3.0</font> billion strategic financing agreement with China Minsheng Banking Corp., Ltd. to strengthen the Company's leading position in the development of downstream solar projects and manufacturing capabilities. As of December 31, 2015, the Company has not drawn down any loan balance related to the strategic financing agreement.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">In July 2015, JinkoSolar Power entered into a <font>three</font>-year RMB<font>3.0</font> billion line of credit agreement with Ping An Bank which will be used to support the development of its PV projects. As of December 31, 2015, JinkoSolar Power has drawn down RMB <font>389</font> million in forms of <font>one</font>-year borrowings which is due and payable in June, 2016. The weighted average interest rate of the borrowing was <font>6.16</font>% for the year ended December 31, 2015.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">In August 2015, Jiangxi Jinko entered into a <font>20</font>-month RMB<font>700.0</font> million loan agreement with The Export-Import Bank of China. As of December 31, 2015, Jiangxi Jinko has drawn down RMB <font>328,505,786</font> which is due and payable in 2016. The effective interest rate of the borrowing was <font>4.14</font>% as of December 31, 2015.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0in; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">In September 2015, JinkoSolar Power entered into a <font>three</font>-year line of credit of up to RMB<font>10.0</font> billion strategic agreement with the Industrial and Commercial Bank of China Jiangxi Provincial branch. As of December 31, 2015, JinkoPower Solar has drawn down RMB <font>10</font> million in the form of <font>one</font>-year borrowings which is due and payable in December, 2016. The effective interest rate of the borrowing was <font>4.515</font>% for the year ended December 31, 2015.</p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">As of December 31, 2015, the Group had short-term bank borrowings of RMB<font>784,255,064</font> which were credit loans. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The remaining short-term bank borrowings of RMB<font>2,497,894,141</font> were either guaranteed by other parties and/or collateralized on the Group's assets, detailed as following:</font></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
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<td style="width: 0.25in;"><font style="font: 10pt/normal Symbol; font-size-adjust: none; font-stretch: normal;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>216,315,543</font> guaranteed by Jiangxi Jinko, RMB<font>140,908,819</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">guaranteed by Jinko Holding, RMB <font>119,480,800</font> guaranteed by Jinko Holding and Zhejiang Jinko, RMB<font>47,994,478</font>  guaranteed by Jiangxi Jinko, Zhejiang Jinko and shareholders, and RMB<font>2,000,000</font> guaranteed by Jiangxi Jinko and Jinko Holding, respectively.</font></font></td>
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<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font: 10pt/normal Symbol; font-size-adjust: none; font-stretch: normal;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>64,936,000</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">collateralized on letter of guarantee issued by Zhejiang Jinko.</font></font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">  </p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>17,000,000</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">collateralized on related party's equipment and land use right, and also guaranteed by the Shareholders.</font></font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>169,936,000</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">collateralized on the Group's inventory. The net book value of the inventory was</font> RMB<font>414,722,102</font>.</font></td>
</tr>
</table>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.5in; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>53,000,000</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">collateralized on the Group's land use right. The net book value of the land use right was</font> RMB<font>91,800,803</font>.</font></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Borrowings of RMB<font>171,380,000</font> collateralized on the JinkoSolar Power's share pledge, and guaranteed by shareholders, Jiangxi Jinko.</font></font></p>
</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<table style="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font: 10pt/normal Symbol; font-size-adjust: none; font-stretch: normal;">•</font></td>
<td>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings of RMB<font>1,239,460,586</font> collateralized on the Group's certain building and equipment, including RMB<font>472,797,600</font> which were also collateralized on the Group's certain land use rights, RMB<font>235,000,000</font> were also collateralized on the Group's certain inventory. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In addition, i</font>ncluded in these borrowings there were borrowings of RMB<font>113,000,000</font> guaranteed by the Shareholders, RMB<font>73,000,000</font> guaranteed by Zhejiang Jinko, RMB<font>299,900,000</font> guaranteed by Jiangxi Jinko. The net book value of the land use right, building, equipment and inventory was RMB<font>211,718,731</font>, RMB<font>352,699,510</font>, RMB<font>1,710,867,785</font>, and RMB<font>61,000,000</font>, respectively as of December 31, 2015.</font></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Borrowings of RMB<font>255,481,915</font> collateralized on the Group's certain project assets and accounts receivables, the net book value of the project assets and accounts receivables was RMB<font>3,560,574,593</font> and RMB<font>418,947,905</font>, respectively as of December 31,2015. In addition, included in these borrowings there were borrowings of RMB<font>42,530,746</font> guaranteed by the Shareholders, RMB<font>180,786,421</font> guaranteed by Jiangxi Jinko, RMB<font>35,530,746</font> guaranteed by JinkoSolar Power, RMB<font>220,981,915</font> guaranteed by JinkoSolar Power's share pledge.</font></font></p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>(b) Long-term borrowings</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Long-term bank borrowings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">997,000,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,587,103,200</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long-term borrowings with embedded warrants</font> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1px;"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>- </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font><font>905,557,426 </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Financings associated with failed sale-lease back transactions</font> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1px; background-color: #cceeff;"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>- </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font><font>1,418,206,142 </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Current portion</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(40,500,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>(282,962,717</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total long-term borrowings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">956,500,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,627,904,051</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Future principal repayments on the long-term borrowings are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="60%">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Year ending December 31,</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 87%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2016</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>282,962,717</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">2017</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,405,796,203</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Thereafter</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,222,107,848</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,910,866,768</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">1) Long-term bank borrowings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2015, the Group entered into a loan agreement with Financial Investment Management Center of Jiangxi Province for a <font>three</font>-year loan in the principle amount of RMB<font>20,000,000</font>. The borrowing was collateralized on stock rights of Jiangxi Jinko, held by Jinko Technology.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Borrowings of RMB<font>383,122,400</font> were guaranteed by Zhejiang Jinko, and Jinko Holding.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0px; font-stretch: normal;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2013, 2014 and 2015, the Group entered into loan agreements for an aggregate principle amount of RMB<font>2,301.4</font> million for the term of <font>15</font> years with China Development Bank to develop power plant projects, which was repayable in installments from May 2013 to April 2032. As of December 31, 2015, the balance of these borrowings was RMB<font>2,156,500,000</font>, including <font>106,000,000</font> which will due in 2016. The loan carries a variable interest rate that is determined with reference to the prevailing base lending rate set by People's Bank of China. The effective interest rate of the borrowing was <font>6.03</font>% as of December 31, 2015. Interest is payable quarterly. The borrowing was collateralized on certain of the Group's solar power project assets, accounts receivable, and also guaranteed by a Shareholder, Jinko Power Co., Ltd. and a subsidiary of Jinkosolar Holding. The net book value of solar power project assets and accounts receivable collateralized were RMB <font>3,560,574,593</font> and RMB <font>322,275,258</font>, respectively, as of December 31, 2015. The borrowing was also collateralized on the equity interests of certain of the Group's subsidiaries of which the total net assets were RMB<font>686,909,010</font>.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">2) Long-term borrowings with embedded warrants</b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></b><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In July 2015, JinkoSolar Power entered into a loan agreement with Credit Suisse and <font>6</font> other financial institutions for an <font>eighteen</font> months loan in the principle amount of USD150,000,000 to develop power plant projects. The interest rate is <font>6</font>% plus <font>LIBOR</font> per annum, and accrued interest is due and payable at the end of every <font>six</font> months. Total debt issuance cost of USD<font>4,000,000</font> was deducted from the proceeds directly. The loan shall become immediately due and payable upon the occurrence of an IPO of JinkoSolar Power or change of control of JinkoSolar Holding, or any unlawful matter occurs. This financing was guaranteed by Canton Best BVI, Jinko Power Co., Ltd., and a subsidiary of Jinkosolar Holding.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In conjunction with the loan agreement, JinkoSolar Power issued <font>6,750</font> warrants or entitlement of <font>0.675</font>% of JinkoSolar Power's fully diluted share capital to these <font>7</font> financial institutions to acquire JinkoSolar Power's fully-paid ordinary shares.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The warrant holders can purchase ordinary shares anytime during the term of the above loan at exercise price which is the Par Value of US$0.0000001. The entitlement of shares expressed as a percentage of JinkoSolar Power's fully diluted share capital is adjusted based on the time when IPO occurs, as: a) <font>0.675</font>% if an IPO occurs within 6 months from July 24, 2015 (“Utilisation Date”); b) <font>1.425</font>% if an IPO occurs after 6 months and within 12 months Utilisation Date; and c) <font>2.10</font>% if an IPO occurs after 12 months of the Utilisation Date. The entitlement of the shares is also subject to adjustment in the case of a non-qualifying IPO event of JinkoSolar Power. Warrant holders can elect for net cash settlement if IPO of JinkoSolar Power occurs.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The warrant holders have the put rights to request JinkoSolar Power to purchase all or part of its outstanding warrants in case of a put event, where a) an IPO occurs prior to the Final Maturity Date of the loan (January 10, 2017); b) an IPO has not occurred as at the Final Maturity Date; c) all of the Loan is repaid, or becomes due and payable, prior to the Final Maturity Date of the loan facility; or d) an event of default occurs and (if the Loan is then outstanding) there is an acceleration of the loan prior to the Final Maturity Date. The repurchase price is equal to the aggregate of: (a) an amount that would give an internal rate of return of <font>10</font>% on the aggregate principal amount of the loan, calculated from the Utilisation Date until the later of (i) the date of full repayment of the loan and (ii) the date that falls twelve months after the Utilisation Date; less the aggregate principal amount of the loan which has been repaid and all interest paid by JinkoSolar Power at the time of a warrant holder's exercise of the warrant put rights.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In accordance with ASC subtopic 480, the warrants are legally detachable and separately exercisable from the loan and thus accounted for as a freestanding instrument. As the warrant holder can either exercise the warrant to subscribe for fully-paid ordinary shares, or elect for net cash settlement upon the exercise of the warrants, which falls within the scope of ASC 480. Accordingly, the warrants are liability derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Therefore, the loan proceeds are allocated first to the warrants based on their fair value, and the residual is allocated to the base loan facility and creating a discount on debt. The discount on debt resulted from the allocation of the proceeds to warrants and transactions fees allocated to the loan are accounted for under the effective interest method.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The fair value of the warrants at the issuance date of July 24, 2015 was US$<font>10,190,000</font> (RMB <font>62,331,211</font>), and the residual allocated to the loan was US$<font>139,810,000</font> (RMB <font>855,203,789</font>). Total transaction cost was US$ <font>4,358,118</font> (RMB <font>26,658,170</font>), among which US$ <font>296,061</font> (RMB <font>1,810,978</font>) allocated to warrants were charged to financial costs as incurred during the year ended December 31, 2015, and US$ <font>4,062,057</font> (RMB <font>24,847,192</font>) allocated to the loan were recorded as debt discount as the Group has early adopted ASU 2015-03 in 2015.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The fair value of the warrants at December 31, 2015 was US$ <font>10,530,000</font> (RMB <font>68,377,608</font>) and the fair value change of US$ <font>340,000</font> (RMB <font>2,096,024</font>) was recorded in the Company's consolidated statements of operations and comprehensive income. The effective interest rate of the loan was <font>13.95</font>% per annum. Total interest cost associated with the loan incurred during the year ended December 31, 2015 was US$ <font>8,017,525</font> (RMB <font>49,954,794</font>). The carrying value of the loan as of December 31, 2015 was US$ <font>139,453,836</font> (RMB <font>905,557,426</font>) due to debt discount amortization of US$ <font>3,705,892</font> (RMB <font>24,064,580</font>).</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">3) Financings associated with failed sale-lease back transactions</b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></b><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In 2015, certain subsidiaries of JinkoSolar Power (“seller-lessee”) sold <font>317</font>MW self-built solar projects (“leased assets”) with carrying amount of RMB <font>1,276,496,254</font> to different domestic financial leasing companies (“buyer-lessors”) for cash consideration of RMB<font>2,033,000,000</font> and simultaneously entered into the contracts to lease back the leased assets from the buyer-lessors for <font>5</font> to <font>12</font> years. As of December 31, 2015, the seller-lessee received RMB<font>1,589,704,880</font> proceeds in total netting off the transaction costs of RMB <font>53,295,120</font>. Pursuant to the terms of the agreements, seller-lessee is required to pay to the buyer-lessors lease payment over the lease period and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the lease.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">As the leased assets are considered integral with real estate under ASC 360, the sale-leaseback rules related to real estate are applied. The lease transactions do not qualify as a sale-leaseback transaction as these solar projects are initially invested and build up by seller-lessee with expected useful life of <font>20</font> years, and are continuingly maintained by seller-lessee. Seller-lessee has an obligation to repurchase the leased assets upon the expiry of the lease. In addition, after the lease period, seller-lessee will keep using the assets and has no plans to sell or early-disposal. Accordingly, these transactions are accounted for as financing transactions in accordance with ASC 840. Internal rate of return is used in the computation of interest cost.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">As of December 31, 2015, the Company recorded RMB<font>1,268,724,225</font> under long-term borrowings and RMB <font>149,481,917</font> as current portion. The weighted average effective interest rate of the financing was <font>6.55</font>% and interest costs incurred during the year ended December 31, 2015 were RMB <font>9,813,448</font>. These sale-leaseback financings were collateralized by each seller-lessee's solar power project assets, equity interests, accounts receivable, and also guaranteed by a shareholder, Jinko Power Co., Ltd., and Jiangxi Jinko. The net book value of solar power project assets, equity interest and accounts receivable collateralized were RMB<font>1,276,496,254</font>, RMB <font>862,082,542</font> and RMB <font>98,147,637</font> respectively, as of December 31, 2015.</p>
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</div>
</div></div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Short-term bank borrowings</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,566,366,459</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,007,186,488</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Long-term bank borrowings—current portion</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">40,500,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>282,962,717</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total short-term borrowings</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,606,866,459</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,290,149,205</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
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</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Long-term bank borrowings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">997,000,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,587,103,200</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long-term borrowings with embedded warrants</font> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1px;"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>- </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font><font>905,557,426 </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Financings associated with failed sale-lease back transactions</font> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1px; background-color: #cceeff;"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>- </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font><font>1,418,206,142 </font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Current portion</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(40,500,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>(282,962,717</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total long-term borrowings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">956,500,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,627,904,051</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="60%">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Year ending December 31,</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 87%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2016</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>282,962,717</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">2017</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,405,796,203</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Thereafter</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,222,107,848</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,910,866,768</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the year ended December 31, 2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at January 1,</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="width: 87%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Purchase of call spread</font></td>
<td style="width: 1%; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 10%; text-align: right; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,647,843</font></font></td>
<td style="width: 1%; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of call spread</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(370,437</font></font></td>
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman';"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,277,406</font></font></td>
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block; ;display: block;">
<table style="font: 10pt/normal times new roman, times, serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" nowrap="nowrap" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">    <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> </font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> As of December 31, 2015</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" nowrap="nowrap" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">  <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">IPO Senario</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: center;" nowrap="nowrap" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Non-IPO Senario</font></td>
<td style="padding-bottom: 1pt; font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected volatility</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>62.06</font></font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>N/A</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Expected terms</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>1.03</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.03</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dividend yield</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>N/A</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Risk-free interest rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>0.72</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">% </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>N/A</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Fair value of warrants at December 31,2015 (USD)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;"><font>10.53</font> million</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
25471153
P3Y
18244745
542857593
103578019
5169068
149304487
0.05
0.10
P5Y
P10Y
P10Y
P25Y
0.10
0.20
74278294
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>e. Restricted cash</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>f. Restricted short-term investments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for short-term borrowings.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>2.</b>     <b>PRINCIPAL ACCOUNTING POLICIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><b><i>a. Basis of presentation and use of estimates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, the purchase price allocation with respect to business combinations, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>b. Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For the Group's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group's consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>c. Foreign currency translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group's reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the “PBOC”) prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB<font>1,264.4</font> million and RMB<font><font>3,252.7</font> million</font> as of December 31, 2014 and 2015, respectively.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>d. Cash and cash equivalents</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>e. Restricted cash</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>f. Restricted short-term investments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for short-term borrowings.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>g. Available-for-sale investment</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders' equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the statement of operations. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment's amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">On September 20, 2013, the parent company (“Issuer”) of one of the Company's customers issued convertible bond (“Bond”) to the Company in order to settle the outstanding receivables owed by that customer of EUR <font>2,948,489</font>. The Bond matures on <font>December 31, 2015</font>. Each Bond is convertible into one share at <font>1</font>:1 ratio during September 1, 2014 to December 31, 2014, or June 1, 2015 to December 31, 2015. The Bond bears a simple interest of <font>5</font>% per annum and is payable every six months in arrears on June 30 and December 31 of each year from 2013 to 2015. The Issuer, at any time, may redeem all the Bond outstanding by paying a sum of money at an amount equal to the greater of (1) the total nominal value of the Bond plus outstanding interest and (2) the counter- value. Upon maturity, the outstanding Bond will be reimbursed at the nominal value together with the accrued and unpaid interests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In December 2015, upon the maturity of the Bond, the Company decided to waive the conversion right and choose to collect the total outstanding balance in cash. On December 21, 2015, the customer entered into a repayment arrangement with the Company. According to the agreement, the total outstanding balance would be settled in cash within and no later than December 31, 2016. Considering the uncertainties of the cash collection, the Company provided full provision to the outstanding receivable of RMB <font>21,923,756</font> in the year ended December 31, 2015.</font></p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>h. Notes receivable and payable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>i. Accounts receivable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>j. Short-term and long-term advances to suppliers</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of <font>nil</font>, RMB<font>2,694,857</font> and <font>nil</font> was recorded for the years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>k. Inventories</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2013, 2014 and 2015.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>l. Property, plant and equipment, net</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div style="display: block;">
<div class="CursorPointer">
<table style="font: 10pt times new roman, times, serif; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 75%; text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Buildings</font></td>
<td style="width: 25%; text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>20</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Machinery and equipment</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>10</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Furniture, fixture and office equipment</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>3</font><font>-</font><font>5</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Motor vehicles</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>4</font><font>-</font><font>5</font> years</font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>m. Project Assets, net</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Project assets represented the costs of solar power plants held for generation of electricity revenue and solar power plants under construction. Project assets are stated in the consolidated balance sheets at cost less accumulated depreciation and impairment provision, if any.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Costs of project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for procurement of solar module and other equipment (including intercompany purchases), cost of land on which solar power plants are developed and other direct costs for developing and constructing solar power plants, such as costs for obtaining permits required for solar power plants and costs for designing, engineering, interest costs capitalized and installation in the course of construction. Such costs are capitalized starting from the point when it is determined that development of the solar power plant is probable. For a solar power project asset acquired from third parties, the initial cost is the acquisition cost which includes the consideration transferred and certain direct acquisition costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Costs capitalized in the construction of solar power plants under development will be transferred to completed solar power plants upon completion and when they are ready for intended use, which is at the point of time when the solar power plant is connected to grids and begins to generate electricity. Depreciation of the completed solar power plant commences once the solar power plant is ready for intended use. Depreciation is computed using the straight-line method over the expected life of <font>20</font> years.<br/><br/></p>
</div>
<div>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b><i>n. Assets held for sale</i></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><b><i> </i></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Long-lived assets to be sold shall be classified as held for sale considering the recognition criteria in ASC 360-10-45-9 in which all of the following criteria are met:</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
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<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Management, having the authority to approve the action, commits to a plan to sell the asset.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
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<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
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<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year,</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">•</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>o. Interest Capitalization</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowings. Interest expense capitalized for the years ended December 31, 2013, 2014 and 2015 were RMB<font>7,086,641</font>, RMB<font>4,103,426</font>, and RMB<font>74,278,294</font>, respectively.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For the year ended December 31, 2015, the Company <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">recorded an out of period adjustment to capitalise interest expense related to prior years of</font> RMB <font>24,021,913</font> (US$ <font>3,707,772</font>) which is immaterial to the current and prior years consolidated financial statements.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<div>
<div style="display: block;">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>p. Land use rights and land lease</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">a. </font></td>
<td style="width: 99%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either <font>50</font> years or <font>70</font> years. The Company classifies land use rights as long term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years or 70 years, as applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">b. </font></td>
<td style="width: 99%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land lease</font></td>
</tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For certain of the Group's solar power project, the Group enters into land lease contracts with the owners of the land use rights. Under such lease arrangements, the owners retain the property right of the land use rights. While the Group can only set up the solar panels on these leased lands but does not have the right to sell, lease or dispose the land use rights. Accordingly, land leases are classified as operating leases, with the lease payments being recognised over the lease periods of <font>20</font> years to <font>50</font> years as operating expenses. Such land lease payments are classified as operating cash outflows.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"> </p>
</div>
</div>
</div>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>q. Intangible assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are <font>5</font> or <font>10</font> years, respectively.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>r. Business combination and assets acquisition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine forecast the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity's current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">A non-controlling interest is recognized to reflect the portion of a subsidiary's equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company's consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>s. Investments in affiliates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>t. Impairment of long-lived assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group's long-lived assets include property, plant and equipment, project assets, land use rights and intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>u. Leases</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.<br/><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">For a sale-leaseback transaction, when the transaction involves real estate or integral equipment, sale-leaseback accounting shall be used by a seller-lessee only if the transaction includes all of the following a) A normal leaseback; b) Payment terms and provisions that adequately demonstrate the buyer-lessor's initial and continuing investment in the property; c) Payment terms and provisions that transfer all of the other risks and rewards of ownership as demonstrated by the absence of any other continuing involvement by the seller-lessee.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Equipment is determined to be integral when the cost to remove the equipment from its existing location, ship and reinstall at a new site, including any diminution in fair value, exceeds 10% of the fair value of the equipment at the time of original installation.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">If a sale-leaseback of real estate qualifies for sale-leaseback accounting, an analysis is performed to determine if the Company can record a sale and remove the assets from the balance sheet and recognize the lease; and if so, to determine whether to record the lease as either an operating or capital lease.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of any form of continuing involvement by the seller-lessee other than a normal leaseback, it is accounted for as a financing, whichever is appropriate under ASC 360.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> <br/></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> v</i></b><b><i>. Revenue recognition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> <br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">(a)    Revenue recognition on product sales</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment  or received by the customers, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of <font>5</font>% to <font>10</font>% of the full contract price as retainage after a specified period which generally range from one year to two years (the “Retainage Period”). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. The total amounts of retainage that were not recognized as revenue were RMB<font>194,243,162</font> and RMB<font>156,158,834</font> as of December 31, 2014 and 2015, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Advance payments received from customers for the future sale of products are recognized as advances from third party customers in the consolidated balance sheets. Advances from customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">(b)  Revenue on processing services</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0;">(c)  Revenue on electricity <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">generation</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0;">The Group recognizes electricity generation revenue when persuasive evidence of a power purchase arrangement with the power grid company exists, electricity has been generated and been transmitted to the grid and the electricity generation records are reconciled with the grid companies, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured. The price of electricity generated by the Group's utility-scale and ground-mounted distributed generation (“DG”) solar power plants include a portion that is subsidized by the Chinese central government.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">In addition, the Group's roof-top DG power plants are entitled to additional subsidies granted by Chinese central or local government on top of the sales price stipulated in the electricity sales supply agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">(d)  Revenue on solar system integration projects</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group recognizes revenue related to solar system integration projects on the percentage-of-completion basis. The Company estimates its revenues using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly. No loss provision was recorded in the years ended December 31, 2013, 2014 and 2015.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0;">In the PRC, value added tax (“VAT”) at a general rate of <font>17</font>% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>w. Segment report</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group's reportable segments. Management has determined that the Group operates its business in two segments, as that term is defined by FASB ASC Topic 280, <i>Segment reporting</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group's first segment is the vertically integrated solar power products manufacturing business (“manufacturing segment”), from silicon ingots, wafers, cells to solar modules.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group's second segment is the downstream solar projects (“solar projects segment”), through which the Group entities develop, construct and operate the solar projects, including (i) project development, (ii) engineering, procurement, and construction (“EPC”), (iii) connecting solar projects to the grid, operating and maintenance (“O&M”).</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>x. Cost of revenue</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Costs of revenues for solar system integration projects include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Costs of electricity generation revenue include depreciation of solar power project assets and costs associated with operation and maintenance of the project assets. Cost of electricity sales was RMB<font>12,919,745</font>, RMB<font>101,118,580</font> and RMB<font>294,398,091</font> for years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>y. Warranty cost</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Solar modules produced by the Group are typically sold with either a <font>5</font>-year or <font>10</font>-year warranty for product defects, and a <font>10</font>-year and <font>25</font>-year warranty against declines of more than <font>10</font>% and <font>20</font>%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2013, 2014 and 2015 were RMB<font>195,235,102</font>, RMB<font>287,087,880</font> and RMB <font>418,147,622</font>, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs – non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2013, 2014 and 2015, warranty costs accrued were RMB<font>67,516,104</font>, RMB<font>92,255,203</font> and RMB<font>149,304,487</font>, respectively. The utilization of the warranty accruals for the years ended December 31, 2013, 2014 and 2015 were RMB<font>2,798,643</font>, RMB<font>402,425</font> and RMB<font>18,244,745</font>, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<b><i>.</i></b> Once the Group receives insurance recoveries, warranty expenses will be credited.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>z. Shipping and handling</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB<font>212,342,881</font>, RMB<font>353,352,484</font> and RMB<font>542,857,593</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>aa. Research and development</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Research and development costs are expensed when incurred.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ab. Start-up costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ac. Income Taxes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. The Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2013, 2014 and 2015 as there were no uncertain tax positions.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ad. Commitments and Contingencies</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ae. Long-term payables</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-term payable represents the amounts due to suppliers for purchase of material used in the project assets construction. As part of the payment term, the Group retains a portion of the purchase price, which will generally be paid by the Group two to three years after the related solar projects are completed. The retainages are paid upon certain specific conditions are met or passage of time. Long-term payable is initially recorded at the present value determined based on the market interest rate for long-term borrowing, and amortized over the payment terms of <font>two</font> to <font>three</font> years. Imputed interests of long-term payable were RMB <font>506,109</font>, RMB <font>3,102,066</font> and RMB<font>7,785,952</font> in the years ended December 31, 2013, 2014 and 2015, respectively, which were included in interest expenses.</p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>af. Fair value of financial instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">When available, the Group measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Group obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Group generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Group's evaluation of those factors changes. Although the Group uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Group's consolidated assets, liabilities, equity and net income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Group's financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term investments, accounts and notes receivable, forward contract receivable, call spread options, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contracts payable, short-term borrowings, long-term borrowings, convertible senior notes and warrants.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The forward contracts receivable and payable, call spread options, capped call options, convertible senior notes and warrants are measured at fair value (</font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Note 30). Except for these financial instruments and long-term borrowing, the carrying values of the Group's other financial instruments approximated their fair values due to the short-term maturity of these instruments. The carrying amount of long-term borrowing approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.</font></p>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ag. Government grants</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2013, 2014 and 2015, the Group received financial subsidies of RMB<font>7,583,102</font> , RMB<font>49,785,321</font> and RMB<font>103,578,019</font> from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB<font>63,331,500</font>, RMB<font>92,440,000</font> and RMB<font>5,169,068</font> during the years ended December 31, 2013, 2014 and 2015, respectively.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><b><i> </i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ah. Repurchase of share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ai. Statutory reserves</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Jiangxi Jinko and Jinko Engineering, as wholly foreign owned enterprises incorporated in the PRC, are required on an annual basis to make appropriations of net profits, after the recovery</font> of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During the years ended December 31, 2013, 2014 and 2015, the Group made total appropriations to statutory reserves of RMB<font>5,887,925</font>, RMB<font>66,975,887</font> and RMB<font>99,858,201</font>, respectively.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>aj. Earnings/(Loss) per share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options and warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">Periodic accretion to redeemable non-controlling interests in connection with the outstanding redeemable convertible preferred shares of a subsidiary (Note 6), and the remaining net profit of the subsidiary (if any after deducting the accretion) that attributes to its outstanding redeemable convertible preferred shares under the two-class method, are recorded as deductions to consolidated net income to arrive at net income (loss) available to the Company's ordinary shareholders.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><b><i> </i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ak. Share-based compensation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>al. Other comprehensive income/(loss)</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries and unrealized gains and losses on available-for-sale securities. .</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>am. Convenience translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Translations of balances in the consolidated balance sheet, consolidated statement of operation, consolidated statement of comprehensive income and statement of cash flows from RMB into United States dollars ("US$" or "USD") as of and for the year ended December 31, 2015 are solely for the convenience of readers and were calculated at the rate of RMB<font>6.4778</font> to US$1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2015, or at any other rate.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><b><i> </i></b></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>an. Recent accounting pronouncements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09), “Revenue from Contracts with Customers (Topic 606)”. This guidance was issued to clarify the principles for recognizing revenue and developing a common revenue standard for U.S. GAAP and International Financial Reporting Standards (“IFRS”). In addition, in August 2015, the FASB issued Accounting Standards Update No. 2015-14 (ASU 2015-14): “Revenue from Contracts with Customers (Topic 606).” This update was issued to defer the effective date of ASU No, 2014-09 by one year. Therefore, the effective date of ASU No, 2014-09 for public business entities is for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is in the process of evaluating the impact of ASU No. 2014-09 on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In February 2015, the FASB issued Accounting Standards Update No. 2015-02 (ASU 2015-02), “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. ASU 2015-02 focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The ASU simplifies consolidation accounting by reducing the number of consolidation models from four to two. In addition, the new standard simplifies the FASB Accounting Standards Codification and improves current guidance by: (i) placing more emphasis on risk of loss when determining a controlling financial interest; (ii) reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a VIE; and (iii) changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The ASU will be effective for periods beginning after December 15, 2015, for public companies. Early adoption is permitted, including adoption in an interim period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (ASU 2015-03), “Simplifying the Presentation of Debt Issuance Costs,” in conjunction with their initiative to reduce complexity in accounting standards. This new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with presentation of a debt discount. The new standard is limited to the presentation of debt issuance costs and will not affect the recognition and measurement of debt issuance costs. The ASU will be effective for periods beginning after December 15, 2015, and interim periods within those fiscal years, for public companies. In August 2015, the FASB issued Accounting Standards Update No. 2015-15 (ASU 2015-15), “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 clarifies ASU 2015-03 by allowing the presentation of debt issuance costs related to a line-of-credit to be recorded as an asset instead of as a direct deduction of the carrying amount of the debt liability as required by ASU 2015-03, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU No. 2015-15 is effective upon issuance. The Group has adopted ASU 2015-03 in 2015. (Note 20)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (ASU 2015-11), "Inventory (Topic 330): Simplifying the Measurement of Inventory" which applies to inventory that is measured using first-in, first-out ("FIFO") or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, first-out ("LIFO"). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In September 2015, the FASB issued Accounting Standards Update No. 2015-16 (ASU 2015-16), “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. Under this ASU, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed as of the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. This standard is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. Early adoption is permitted as of annual reporting periods beginning after December 15, 2015, including interim reporting periods within those annual periods. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (ASU 2015-17), "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." This guidance was issued to simplify the presentation of deferred income taxes. The amendments in this Update require that deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Group has not early adopted this Update. As of December 31, 2014 and 2015, the Company recorded current deferred tax assets amounted to RMB <font>77,562,041</font> and RMB <font>79,100,567</font>, respectively, and current deferred tax liabilities amounted to RMB <font>6,187,087</font> and RMB <font>9,266,399</font>, respectively.<font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"> The Group believes that adoption of this ASU will not have a material effect</font> on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In January 2016, the FASB issued Accounting Standards Update No. 2016-01 (ASU 2016-01), "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The main objective of this update is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The new guidance addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for annual reporting periods, and interim periods within those years beginning after December 15, 2017. Early adoption by public entities is permitted only for certain provisions. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (ASU 2016-02), “Leases”. Under the new guidance, lessees will be required to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
</div>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><b><i>a. Basis of presentation and use of estimates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, the purchase price allocation with respect to business combinations, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>b. Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For the Group's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group's consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>c. Foreign currency translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group's reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the “PBOC”) prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB<font>1,264.4</font> million and RMB<font><font>3,252.7</font> million</font> as of December 31, 2014 and 2015, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>d. Cash and cash equivalents</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p>
</div>
1576153
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>g. Available-for-sale investment</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders' equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the statement of operations. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment's amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">On September 20, 2013, the parent company (“Issuer”) of one of the Company's customers issued convertible bond (“Bond”) to the Company in order to settle the outstanding receivables owed by that customer of EUR <font>2,948,489</font>. The Bond matures on <font>December 31, 2015</font>. Each Bond is convertible into one share at <font>1</font>:1 ratio during September 1, 2014 to December 31, 2014, or June 1, 2015 to December 31, 2015. The Bond bears a simple interest of <font>5</font>% per annum and is payable every six months in arrears on June 30 and December 31 of each year from 2013 to 2015. The Issuer, at any time, may redeem all the Bond outstanding by paying a sum of money at an amount equal to the greater of (1) the total nominal value of the Bond plus outstanding interest and (2) the counter- value. Upon maturity, the outstanding Bond will be reimbursed at the nominal value together with the accrued and unpaid interests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In December 2015, upon the maturity of the Bond, the Company decided to waive the conversion right and choose to collect the total outstanding balance in cash. On December 21, 2015, the customer entered into a repayment arrangement with the Company. According to the agreement, the total outstanding balance would be settled in cash within and no later than December 31, 2016. Considering the uncertainties of the cash collection, the Company provided full provision to the outstanding receivable of RMB <font>21,923,756</font> in the year ended December 31, 2015.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>h. Notes receivable and payable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ah. Repurchase of share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p>
</div>
3932068
10210003
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>i. Accounts receivable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>j. Short-term and long-term advances to suppliers</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of <font>nil</font>, RMB<font>2,694,857</font> and <font>nil</font> was recorded for the years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>k. Inventories</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2013, 2014 and 2015.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>l. Property, plant and equipment, net</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<div style="display: block;">
<div class="CursorPointer">
<table style="font: 10pt times new roman, times, serif; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 75%; text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Buildings</font></td>
<td style="width: 25%; text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>20</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Machinery and equipment</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>10</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Furniture, fixture and office equipment</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>3</font><font>-</font><font>5</font> years</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;">Motor vehicles</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font: 10pt Times New Roman, Times, Serif;"><font>4</font><font>-</font><font>5</font> years</font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p>
</div>
-2584341
-398954
114248971
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>o. Interest Capitalization</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowings. Interest expense capitalized for the years ended December 31, 2013, 2014 and 2015 were RMB<font>7,086,641</font>, RMB<font>4,103,426</font>, and RMB<font>74,278,294</font>, respectively.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For the year ended December 31, 2015, the Company <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">recorded an out of period adjustment to capitalise interest expense related to prior years of</font> RMB <font>24,021,913</font> (US$ <font>3,707,772</font>) which is immaterial to the current and prior years consolidated financial statements.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>p. Land use rights and land lease</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">a. </font></td>
<td style="width: 99%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either <font>50</font> years or <font>70</font> years. The Company classifies land use rights as long term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years or 70 years, as applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">b. </font></td>
<td style="width: 99%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land lease</font></td>
</tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For certain of the Group's solar power project, the Group enters into land lease contracts with the owners of the land use rights. Under such lease arrangements, the owners retain the property right of the land use rights. While the Group can only set up the solar panels on these leased lands but does not have the right to sell, lease or dispose the land use rights. Accordingly, land leases are classified as operating leases, with the lease payments being recognised over the lease periods of <font>20</font> years to <font>50</font> years as operating expenses. Such land lease payments are classified as operating cash outflows.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"> </p>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>q. Intangible assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are <font>5</font> or <font>10</font> years, respectively.</p>
</div>
17637002
-10000000
-1543734
31676037
4889937
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>r. Business combination and assets acquisition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine forecast the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity's current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">A non-controlling interest is recognized to reflect the portion of a subsidiary's equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company's consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>s. Investments in affiliates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>t. Impairment of long-lived assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group's long-lived assets include property, plant and equipment, project assets, land use rights and intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>u. Leases</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.<br/><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">For a sale-leaseback transaction, when the transaction involves real estate or integral equipment, sale-leaseback accounting shall be used by a seller-lessee only if the transaction includes all of the following a) A normal leaseback; b) Payment terms and provisions that adequately demonstrate the buyer-lessor's initial and continuing investment in the property; c) Payment terms and provisions that transfer all of the other risks and rewards of ownership as demonstrated by the absence of any other continuing involvement by the seller-lessee.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Equipment is determined to be integral when the cost to remove the equipment from its existing location, ship and reinstall at a new site, including any diminution in fair value, exceeds 10% of the fair value of the equipment at the time of original installation.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">If a sale-leaseback of real estate qualifies for sale-leaseback accounting, an analysis is performed to determine if the Company can record a sale and remove the assets from the balance sheet and recognize the lease; and if so, to determine whether to record the lease as either an operating or capital lease.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px;">If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of any form of continuing involvement by the seller-lessee other than a normal leaseback, it is accounted for as a financing, whichever is appropriate under ASC 360.</p>
</div>
2640760590
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i> v</i></b><b><i>. Revenue recognition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> <br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">(a)    Revenue recognition on product sales</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment  or received by the customers, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of <font>5</font>% to <font>10</font>% of the full contract price as retainage after a specified period which generally range from one year to two years (the “Retainage Period”). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. The total amounts of retainage that were not recognized as revenue were RMB<font>194,243,162</font> and RMB<font>156,158,834</font> as of December 31, 2014 and 2015, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">Advance payments received from customers for the future sale of products are recognized as advances from third party customers in the consolidated balance sheets. Advances from customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">(b)  Revenue on processing services</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0;">(c)  Revenue on electricity <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">generation</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0;">The Group recognizes electricity generation revenue when persuasive evidence of a power purchase arrangement with the power grid company exists, electricity has been generated and been transmitted to the grid and the electricity generation records are reconciled with the grid companies, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured. The price of electricity generated by the Group's utility-scale and ground-mounted distributed generation (“DG”) solar power plants include a portion that is subsidized by the Chinese central government.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">In addition, the Group's roof-top DG power plants are entitled to additional subsidies granted by Chinese central or local government on top of the sales price stipulated in the electricity sales supply agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">(d)  Revenue on solar system integration projects</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group recognizes revenue related to solar system integration projects on the percentage-of-completion basis. The Company estimates its revenues using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly. No loss provision was recorded in the years ended December 31, 2013, 2014 and 2015.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0;">In the PRC, value added tax (“VAT”) at a general rate of <font>17</font>% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>w. Segment report</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group's reportable segments. Management has determined that the Group operates its business in two segments, as that term is defined by FASB ASC Topic 280, <i>Segment reporting</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group's first segment is the vertically integrated solar power products manufacturing business (“manufacturing segment”), from silicon ingots, wafers, cells to solar modules.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group's second segment is the downstream solar projects (“solar projects segment”), through which the Group entities develop, construct and operate the solar projects, including (i) project development, (ii) engineering, procurement, and construction (“EPC”), (iii) connecting solar projects to the grid, operating and maintenance (“O&M”).</p>
</div>
407663187
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>x. Cost of revenue</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Costs of revenues for solar system integration projects include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Costs of electricity generation revenue include depreciation of solar power project assets and costs associated with operation and maintenance of the project assets. Cost of electricity sales was RMB<font>12,919,745</font>, RMB<font>101,118,580</font> and RMB<font>294,398,091</font> for years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ak. Share-based compensation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>al. Other comprehensive income/(loss)</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries and unrealized gains and losses on available-for-sale securities. .</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>am. Convenience translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Translations of balances in the consolidated balance sheet, consolidated statement of operation, consolidated statement of comprehensive income and statement of cash flows from RMB into United States dollars ("US$" or "USD") as of and for the year ended December 31, 2015 are solely for the convenience of readers and were calculated at the rate of RMB<font>6.4778</font> to US$1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2015, or at any other rate.</p>
</div>
124618416
127802961
1.08
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>y. Warranty cost</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Solar modules produced by the Group are typically sold with either a <font>5</font>-year or <font>10</font>-year warranty for product defects, and a <font>10</font>-year and <font>25</font>-year warranty against declines of more than <font>10</font>% and <font>20</font>%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2013, 2014 and 2015 were RMB<font>195,235,102</font>, RMB<font>287,087,880</font> and RMB <font>418,147,622</font>, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs – non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2013, 2014 and 2015, warranty costs accrued were RMB<font>67,516,104</font>, RMB<font>92,255,203</font> and RMB<font>149,304,487</font>, respectively. The utilization of the warranty accruals for the years ended December 31, 2013, 2014 and 2015 were RMB<font>2,798,643</font>, RMB<font>402,425</font> and RMB<font>18,244,745</font>, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<b><i>.</i></b> Once the Group receives insurance recoveries, warranty expenses will be credited.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>z. Shipping and handling</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB<font>212,342,881</font>, RMB<font>353,352,484</font> and RMB<font>542,857,593</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>aa. Research and development</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Research and development costs are expensed when incurred.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ab. Start-up costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs.</p>
</div>
143670521
22178907
1951455487
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ac. Income Taxes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. The Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2013, 2014 and 2015 as there were no uncertain tax positions.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ad. Commitments and Contingencies</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ae. Long-term payables</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Long-term payable represents the amounts due to suppliers for purchase of material used in the project assets construction. As part of the payment term, the Group retains a portion of the purchase price, which will generally be paid by the Group two to three years after the related solar projects are completed. The retainages are paid upon certain specific conditions are met or passage of time. Long-term payable is initially recorded at the present value determined based on the market interest rate for long-term borrowing, and amortized over the payment terms of <font>two</font> to <font>three</font> years. Imputed interests of long-term payable were RMB <font>506,109</font>, RMB <font>3,102,066</font> and RMB<font>7,785,952</font> in the years ended December 31, 2013, 2014 and 2015, respectively, which were included in interest expenses.</p>
</div>
1318345613
203517492
-385942186
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>af. Fair value of financial instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">When available, the Group measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Group obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Group generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Group's evaluation of those factors changes. Although the Group uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Group's consolidated assets, liabilities, equity and net income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Group's financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term investments, accounts and notes receivable, forward contract receivable, call spread options, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contracts payable, short-term borrowings, long-term borrowings, convertible senior notes and warrants.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The forward contracts receivable and payable, call spread options, capped call options, convertible senior notes and warrants are measured at fair value (</font><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Note 30). Except for these financial instruments and long-term borrowing, the carrying values of the Group's other financial instruments approximated their fair values due to the short-term maturity of these instruments. The carrying amount of long-term borrowing approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ag. Government grants</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2013, 2014 and 2015, the Group received financial subsidies of RMB<font>7,583,102</font> , RMB<font>49,785,321</font> and RMB<font>103,578,019</font> from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB<font>63,331,500</font>, RMB<font>92,440,000</font> and RMB<font>5,169,068</font> during the years ended December 31, 2013, 2014 and 2015, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>ai. Statutory reserves</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Jiangxi Jinko and Jinko Engineering, as wholly foreign owned enterprises incorporated in the PRC, are required on an annual basis to make appropriations of net profits, after the recovery</font> of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">During the years ended December 31, 2013, 2014 and 2015, the Group made total appropriations to statutory reserves of RMB<font>5,887,925</font>, RMB<font>66,975,887</font> and RMB<font>99,858,201</font>, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><b><i>aj. Earnings/(Loss) per share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options and warrants (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">Periodic accretion to redeemable non-controlling interests in connection with the outstanding redeemable convertible preferred shares of a subsidiary (Note 6), and the remaining net profit of the subsidiary (if any after deducting the accretion) that attributes to its outstanding redeemable convertible preferred shares under the two-class method, are recorded as deductions to consolidated net income to arrive at net income (loss) available to the Company's ordinary shareholders.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>17. OTHER ASSETS</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other assets consisted of the following:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <div> <div style="display: block; ;display: block;"> <div style="display: block;"> <div style="display: block;"> <div style="display: block;"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">VAT recoverable for solar power plants</font></td> <td style="font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">186,077,827</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">414,595,769</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayment for warranty insurance premium</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">68,933,792</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,195,213</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for purchase of property, plant and equipment </font></td> <td style="font-family: 'times new roman'; background-color: rgb(204, 238, 255);"></td> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">98,361,331</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,631,287</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for land lease</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>20,419,212</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>66,596,038</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred charges</font></td> <td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,390,407</font></font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,874,717</font></font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for construction of project assets</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">48,797,710</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">57,578,600</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepayment for roof lease</font></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,080,000</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long-term deposit</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,600,000</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepaid Service charge for bank borrowing</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,634,740</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Insurance premium</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,191,112</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term interest receivable </font></td> <td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2,230,777</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3,521,735</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for land use rights</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,955,518</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,950,000</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long receivables due from a third party</font></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font>-</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>9,000,000</font></font><br/></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">311,110</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,827,064</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">474,477,684</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">786,276,275</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"> </td> </tr> </table> </div> </div> </div> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block; ;display: block;"> <div style="display: block;"> <div style="display: block;"> <div style="display: block;"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">VAT recoverable for solar power plants</font></td> <td style="font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">186,077,827</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">414,595,769</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayment for warranty insurance premium</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">68,933,792</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,195,213</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for purchase of property, plant and equipment </font></td> <td style="font-family: 'times new roman'; background-color: rgb(204, 238, 255);"></td> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">98,361,331</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,631,287</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for land lease</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>20,419,212</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>66,596,038</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred charges</font></td> <td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,390,407</font></font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,874,717</font></font></td> <td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for construction of project assets</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">48,797,710</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">57,578,600</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepayment for roof lease</font></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,080,000</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long-term deposit</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,600,000</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepaid Service charge for bank borrowing</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,634,740</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Insurance premium</font><br/></td> <td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>-</font></font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,191,112</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term interest receivable </font></td> <td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2,230,777</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>3,521,735</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments for land use rights</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,955,518</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,950,000</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long receivables due from a third party</font></td> <td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font>-</font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>9,000,000</font></font><br/></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">311,110</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,827,064</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">474,477,684</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">786,276,275</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"> </td> </tr> </table> </div> </div> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>USD</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net revenue</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total operating expenses</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(4,286,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(12,422,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(11,992,992</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,851,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loss from operations</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(4,286,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(12,422,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(11,992,992</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,851,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes issuance costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Share of income from subsidiaries and affiliates</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">437,886,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">610,091,593</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>692,117,271</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>106,844,495</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest (income)/expense, net</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(30,526,093</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">27,261,325</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>26,434,242</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,080,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Exchange gain/(loss)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(2,155,196</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">10,046,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(8,235,787</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(1,271,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of convertible senior notes and capped call option</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(212,906,573</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">64,101,644</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(14,571,200</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(2,249,406</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income tax expenses</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
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-18174647
349618
53972
958493615
147965917
17268770
2110147
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>33. ADDITIONAL INFORMATION – CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company's investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company's shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">As disclosed in Note 29d. the Company provided guarantee for redemption of series A preferred shares issued by JinkoSolar Power.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Except for the guarantees as disclosed in Note 29d, the Company did not have any other significant contingency, commitment, or off balance sheet long term obligation as of December 31, 2014 and 2015.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">   </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Condensed statements of operations:</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>USD</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net revenue</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total operating expenses</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(4,286,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(12,422,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(11,992,992</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,851,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Loss from operations</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(4,286,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(12,422,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(11,992,992</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,851,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes issuance costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Share of income from subsidiaries and affiliates</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">437,886,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">610,091,593</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>692,117,271</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>106,844,495</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest (income)/expense, net</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(30,526,093</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">27,261,325</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>26,434,242</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,080,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Exchange gain/(loss)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(2,155,196</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">10,046,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(8,235,787</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">(1,271,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of convertible senior notes and capped call option</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(212,906,573</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">64,101,644</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(14,571,200</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(2,249,406</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income tax expenses</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Condensed balance sheets:</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December 31,</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2014</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December 31, 2015</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">RMB</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">RMB</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">USD</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>ASSETS</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Current assets:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalent</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">25,047,261</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>55,685,082</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,596,295</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due from subsidiaries-current</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">332,100,861</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">353,584,018</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>54,583,967</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Capped call option</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,700,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Other current assets</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">26,318,114</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>11,910,526</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,838,668</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total current assets</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">383,466,236</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>438,669,949</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>67,718,971</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Investments in subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">3,550,903,388</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">4,249,348,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>655,986,422</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due from subsidiaries-non current</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">1,157,165,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,228,006,309</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>189,571,507</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Capped call option</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total assets</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>5,112,633,497</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font>5,916,025,102</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>913,276,900</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>LIABILITIES AND SHAREHOLDERS' EQUITY</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Current liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due to subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">40,911,888</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>62,633,444</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>9,668,938</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Convertible senior notes-current</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>650,916,976</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>100,484,266</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Other current liabilities</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,225,641</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>24,542,051</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,788,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total current liabilities</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">65,137,529</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>738,092,471</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>113,941,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>856,064,385</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>132,153,568</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total liabilities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>1,605,536,174</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>1,594,156,856</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>246,095,411</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Shareholders' equity:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ordinary shares (US$<font>0.00002</font> par value, <font>500,000,000</font> shares authorized, <font>124,292,030</font> and <font>125,473,930</font> shares issued and outstanding as of December 31, 2014 and 2015, respectively)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">17,560</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>17,711</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,734</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Additional paid-in capital</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,794,024,929</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,924,336,179</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>451,439,714</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accumulated other comprehensive income</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">11,874,053</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>12,582,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,942,332</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Treasury stock, at cost: <font>1,723,200</font> shares of ordinary shares as of December 31, 2014 and 2015, respectively</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(13,875,553</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(13,875,553</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(2,142,016</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Retained earnings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">715,056,334</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,398,807,868</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>215,938,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total shareholders' equity</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>3,507,097,323</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>4,321,868,246</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>667,181,489</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9.05pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total liabilities and shareholders' equity</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>5,112,633,497</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt;"><strong><font>5,916,025,102</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>913,276,900</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other current liabilities represented accrual for unpaid professional service fees.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">On January 1, 2014, the Company provided a loan of US$<font>189</font> million to one of its subsidiaries, JinkoSolar Technology Limited Paker, to support its daily operation. Annual interest rate is subject to further negotiation between the Company and Paker. US$<font>123</font> million is due for repayment on December 31, 2016 and the remaining principle amount is due for repayment on December 31, 2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Condensed statements of cash flows:</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>USD</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from operating activities:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt;">105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">305,202,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,296,878</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of capped call option</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(92,295,905</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">86,689,063</font></font></td>
<td style="text-align: left;font-family: 'times new roman';padding: 0pt;white-space: nowrap;background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>952,527</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share of  income from subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(437,886,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(610,091,593</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">(692,117,271</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(106,844,495</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes issuance cost</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,155,196</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(10,046,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,235,787</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,271,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Changes in operating assets and liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Increase)/decrease in due from subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(313,277,487</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(572,172,865</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">104,043,486</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>16,061,547</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Decrease/(increase) in other current assets</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(105,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">299,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,080,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(166,802</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase/(Decrease) in due to a subsidiary</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(46,520,981</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">26,234,900</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>21,721,556</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,353,230</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Decrease)/increase in other current liabilities</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(1,783,456</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">16,276,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>316,410</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>48,845</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash (used in)/provided by operating activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(396,500,365</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(514,523,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">139,442,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>21,526,164</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from investing activities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Investments in subsidiaries</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(28,834,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(1,141,190,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(5,620,197</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(867,609</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash used in investing activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(28,834,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(1,141,190,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(5,620,197</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(867,609</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from financing activities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from issuance of ordinary shares</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">413,004,026</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">770,201,158</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from exercise of share options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">17,551,472</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">14,528,109</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>7,613,965</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,175,394</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">914,850,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Repurchase of convertible senior notes</font> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(113,025,510</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(17,448,132</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Issuance cost paid for issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash provided by/(used in) financing activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">430,555,498</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">1,673,526,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(105,411,545</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(16,272,738</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of foreign exchange rate changes on cash and cash equivalents</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(152,085</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(94,929</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,227,375</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>343,847</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net increase in cash and cash equivalents</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">5,069,039</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">17,717,509</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">30,637,821</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,729,664</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents, beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">2,260,713</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-size: 10pt;">7,329,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">25,047,261</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,866,631</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents, end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">7,329,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">25,047,261</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>55,685,082</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,596,295</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Supplemental disclosure of non-cash investing and financing cash flow information</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from exercise of share options received in subsequent period</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">1,266,499</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">226,952</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">10,210,003</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,576,153</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payment of issuance cost for follow-on offering in subsequent period</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">1,273,309</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">2,328,174</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
26604780
683751534
105553048
5.49
0.85
5.35
0.83
21.96
3.40
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>USD</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from operating activities:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt;">105,553,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">305,202,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,296,878</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of capped call option</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(92,295,905</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">86,689,063</font></font></td>
<td style="text-align: left;font-family: 'times new roman';padding: 0pt;white-space: nowrap;background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>952,527</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share of  income from subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(437,886,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(610,091,593</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">(692,117,271</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(106,844,495</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes issuance cost</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,155,196</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(10,046,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,235,787</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,271,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Changes in operating assets and liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Increase)/decrease in due from subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(313,277,487</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(572,172,865</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">104,043,486</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>16,061,547</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Decrease/(increase) in other current assets</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(105,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">299,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,080,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(166,802</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Increase/(Decrease) in due to a subsidiary</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(46,520,981</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">26,234,900</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>21,721,556</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,353,230</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">(Decrease)/increase in other current liabilities</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(1,783,456</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">16,276,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>316,410</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>48,845</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash (used in)/provided by operating activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(396,500,365</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(514,523,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">139,442,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>21,526,164</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from investing activities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Investments in subsidiaries</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(28,834,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(1,141,190,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(5,620,197</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(867,609</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash used in investing activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(28,834,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(1,141,190,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(5,620,197</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(867,609</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Cash flows from financing activities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from issuance of ordinary shares</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">413,004,026</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">770,201,158</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from exercise of share options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">17,551,472</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">14,528,109</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>7,613,965</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,175,394</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">914,850,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Repurchase of convertible senior notes</font> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(113,025,510</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(17,448,132</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Issuance cost paid for issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(26,052,881</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Net cash provided by/(used in) financing activities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">430,555,498</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">1,673,526,386</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(105,411,545</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(16,272,738</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of foreign exchange rate changes on cash and cash equivalents</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(152,085</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">(94,929</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,227,375</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>343,847</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net increase in cash and cash equivalents</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">5,069,039</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">17,717,509</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">30,637,821</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,729,664</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents, beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">2,260,713</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-size: 10pt;">7,329,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">25,047,261</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,866,631</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalents, end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">7,329,752</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">25,047,261</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>55,685,082</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,596,295</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Supplemental disclosure of non-cash investing and financing cash flow information</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Proceeds from exercise of share options received in subsequent period</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">1,266,499</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">226,952</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">10,210,003</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,576,153</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payment of issuance cost for follow-on offering in subsequent period</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">1,273,309</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">2,328,174</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
</div>
428570077
8680316873
1264400000
3532819254
194243162
287087880
1723200
474477684
274324719
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December 31,</font></font></td>
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<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2014</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December 31, 2015</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">RMB</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">RMB</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">USD</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(Note 2 (al))</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>ASSETS</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Current assets:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cash and cash equivalent</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">25,047,261</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>55,685,082</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>8,596,295</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due from subsidiaries-current</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">332,100,861</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">353,584,018</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>54,583,967</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Capped call option</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,700,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Other current assets</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">26,318,114</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>11,910,526</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,838,668</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total current assets</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">383,466,236</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>438,669,949</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>67,718,971</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Investments in subsidiaries</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">3,550,903,388</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">4,249,348,844</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>655,986,422</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due from subsidiaries-non current</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">1,157,165,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,228,006,309</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>189,571,507</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Capped call option</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total assets</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>5,112,633,497</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font>5,916,025,102</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>913,276,900</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>LIABILITIES AND SHAREHOLDERS' EQUITY</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Current liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Due to subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">40,911,888</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>62,633,444</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>9,668,938</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Convertible senior notes-current</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>650,916,976</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>100,484,266</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Other current liabilities</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,225,641</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>24,542,051</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,788,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total current liabilities</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">65,137,529</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>738,092,471</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>113,941,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>856,064,385</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>132,153,568</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total liabilities</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>1,605,536,174</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>1,594,156,856</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>246,095,411</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Shareholders' equity:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ordinary shares (US$<font>0.00002</font> par value, <font>500,000,000</font> shares authorized, <font>124,292,030</font> and <font>125,473,930</font> shares issued and outstanding as of December 31, 2014 and 2015, respectively)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">17,560</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>17,711</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,734</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Additional paid-in capital</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,794,024,929</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,924,336,179</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>451,439,714</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accumulated other comprehensive income</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">11,874,053</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>12,582,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,942,332</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Treasury stock, at cost: <font>1,723,200</font> shares of ordinary shares as of December 31, 2014 and 2015, respectively</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(13,875,553</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(13,875,553</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(2,142,016</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Retained earnings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">715,056,334</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,398,807,868</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>215,938,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total shareholders' equity</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>3,507,097,323</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>4,321,868,246</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>667,181,489</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9.05pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total liabilities and shareholders' equity</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong><font>5,112,633,497</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt;"><strong><font>5,916,025,102</font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"> </font></strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-size: 10pt;"><strong><font style="font-family: 'times new roman', times;"><font>913,276,900</font></font></strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
115062404
17762574
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1185512052
183011524
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-9463505
-1460913
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-113560001
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440110991
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-162640
-25107
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217816072
-163499
-25240
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132854812
-2129264757
-328701837
44158932
6816964
13462651
2078275
132807294
112714385
17400103
-6554493
-1011839
393162784
60693875
228972745
35347300
6300488
972628
2223458
343243
98791960
15250851
-54356588
-8391211
206316264
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>8. ACCOUNTS RECEIVABLE, NET—THIRD PARTIES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivables</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">3,546,873,497</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt;">3,692,432,783</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Allowance for doubtful accounts </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt;">(335,713,383</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">3,118,303,420</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt;">3,356,719,400</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, accounts receivable with net book value of RMB<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"><font>420,422,895</font></font> were pledged as collateral for the Group's borrowings (Note 20).<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The Group's accounts receivables include the government subsidy portion of revenue from the sales of electricity, which is subject to the allocation of funds by the MOF and paid by local grid companies after the solar power plant is listed in the Subsidy Catalog (Note 3).</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">As of December 31, 2015, the accounts receivables balance of RMB <font>572,083,538</font> (December 31, 2014: RMB <font>150,107,301</font>), represented subsidy portion of revenue that will be received after the Group's power plants are listed in the Subsidy Catalog. Of the balance, RMB <font>500,587,260</font> was related to the subsidy portion of electricity revenue generated by the Group's power plants to be listed in the 6th batch catalog. The accounts receivable related to subsidy portion of electricity revenue is expected to be collected by December 31, 2016.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The management considers that the accounts receivables balance related to the subsidy portion of electricity revenue is fully recoverable, since there has been no bad debt experience with the state grid companies in the past and the subsidy is fully funded by the China central government.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Movement of allowance of doubtful accounts</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">  </font></p>
<div>
<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At beginning of year </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">673,671,445</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding: 0px; text-align: right; width: 10%;"><font style="font-size: 10pt;"><font>445,956,167</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt;"><font>428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Addition</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">121,315,213</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">188,572,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">151,959,676</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-off</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(40,819,459</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(44,538,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">(38,500,106</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reversal</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(308,211,032</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(161,420,160</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">(206,316,264</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">445,956,167</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt;">335,713,383</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer's financial statements and historical collection records, discussion with customers' senior management, and reviewing of information provided by third parties, such as Dun & Bradstreet and the insurance company that ultimately insures the Group against customer credit default.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The significant bad debt reversal represents the cash collection of the fully reserved long-term receivables. The Company made bad debt provisions for certain long-term receivables in prior years which were in line with the adverse economic environment in solar industry. With the recovery of solar industry since 2013, the Company made its best effort to improve the cash collection for the long-aged accounts receivables. The cash received was recorded as the reversal of prior year bad debt allowance.</font></p>
</div>
782811
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<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivables</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">3,546,873,497</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt;">3,692,432,783</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Allowance for doubtful accounts </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt;">(335,713,383</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">3,118,303,420</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt;">3,356,719,400</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
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<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At beginning of year </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt;">673,671,445</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding: 0px; text-align: right; width: 10%;"><font style="font-size: 10pt;"><font>445,956,167</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt;"><font>428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Addition</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">121,315,213</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">188,572,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">151,959,676</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-off</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(40,819,459</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(44,538,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt;">(38,500,106</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reversal</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(308,211,032</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">(161,420,160</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt;">(206,316,264</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">445,956,167</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">428,570,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt;">335,713,383</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
151959676
38500106
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>31.
RESTRICTED NET ASSETS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Relevant PRC laws and regulations permit payments of dividends by the Company's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company's PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company's PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company's shareholders.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">  </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In July 2014, JinkoSolar Power entered into agreements with certain investors for the issuance of redeemable convertible preferred shares to such investors. Pursuant to the investment agreements, JinkoSolar Power shall use all of the proceeds from the issuance of redeemable convertible preferred shares for the sole purpose of funding JinkoSolar Power and its subsidiaries' construction, commissioning and operations of new solar power projects in the PRC and no proceeds shall be used for any existing projects prior to the preferred share issuance.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Group's net assets subject to the above restrictions were</font> RMB<font>7,078,249,208</font>, representing <font>162.7</font>% of the Company's total consolidated net assets as of December 31, 2015.</font></p>
</div>
861007076
132916588
4207112
649466
856799964
132267122
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div class="CursorPointer"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>32. SUBSEQUENT EVENTS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">In January and March 2016, the Company repurchased an aggregate principle of US$<font>33.5</font> million and US$<font>20</font> million of convertible bond due 2016 for a total consideration of RMB<font>32.7</font> million and RMB<font>19.9</font> million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">In January 2016, the Company repurchased an aggregate principle of US$<font>13</font> million of convertible bond due 2019 for a total consideration of RMB<font>11.0</font> million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On January 26, 2016, the Company repurchased RMB<font>680</font> million of bond payable.</p> </div> </div>
2015
FY
20-F
JKS
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>7. <b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">ACQUISITION OF SOLAR POWER PLANTS</b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In June 2015, the Group completed the transactions to acquire <font>100</font>% equity interest of <font>two</font> solar power project companies located in Shufu and Atux, which have started production since 2014. The purchase consideration is RMB114 million. These two transactions were accounted as business acquisitions under ASC 805. The results of the acquired entities' operations have been included in the consolidated financial statements of the Company since the acquisition date. On the acquisition date, the allocation of the purchase price of the assets acquired and liabilities assumed based on their fair values was as follows: </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div style="display: block;">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;">
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Year Ended </font></p>
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></p>
</td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center;"><font style="font-size: 10pt;"><strong><font>2015</font></strong></font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; width: 88%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;">Net assets acquired</font></font></td>
<td style="font-weight: bold; padding-bottom: 1pt; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">114,000,000</font></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 0%; background-color: rgb(204, 238, 255);"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="/* font-weight: bold; */text-align: left; padding-bottom: 2.5pt; padding-left: 9pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Total considerations</font></td>
<td style="font-weight: bold; padding-bottom: 2.5pt;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></strong></td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></strong></td>
<td style="border-bottom: Black 2.5pt double; /* font-weight: bold; */text-align: right;"><font><font style="font-size: 10pt;">114,000,000</font></font></td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<div style="display: block;"><br/></div>
<div style="display: block;">
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Based on the Group's assessment, the revenues and net earnings of Shufu and Atux were not considered material to the Group both individually and in aggregate for the year ended December 31, 2015. Pro forma results of operations for the acquisitions described above have not been presented because they are not material to the consolidated statements of operations and comprehensive income, either individually or in aggregate.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"><br/></p>
</div>
<div style="display: block;"><br/></div>
</div>
63684
false
--12-31
2015-12-31
No
Yes
Accelerated Filer
JinkoSolar Holding Co., Ltd.
0001481513
P6Y6M11D
P5Y2M19D
P3Y10M2D
18035038
6.29
1181900
2.32
296000
5.81
152515116
27.73
683751534
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At the beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">86,368,746</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-size: 10pt;"><font>95,918,035</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of gain of affiliated companies </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,549,289</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,669,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At the end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">95,918,035</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">109,587,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Raw materials</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">638,652,057</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">530,073,129</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Work-in-progress</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">324,604,192</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">591,775,978</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Finished goods     </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">927,891,802</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,081,475,935</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,891,148,051</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,203,325,042</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
6724857
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="14">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">Description</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Balance as of <br/> December 31, <br/> 2013</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Quote prices in <br/> active market <br/> for identical <br/> assets (Level 1)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Significant other <br/> observable <br/> inputs (Level 2)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">Significant <br/> unobservable <br/> inputs (Level 3)</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-weight: bold;">Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="width: 48%; text-align: left;">Foreign exchange forward contracts</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>43,160,093</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>-</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>43,160,093</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>-</font></td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Capped call options</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>107,223,601</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>107,223,601</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Available-for-sale investment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>30,117,797</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>30,117,797</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="font-weight: bold;">Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Foreign exchange forward contracts</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>10,080,395</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>10,080,395</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Convertible senior notes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>770,485,897</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>-</font></td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>770,485,897</font></td> <td style="text-align: left;"> </td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/>December 31,<br/>2014</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote prices in<br/>active market<br/>for identical<br/>assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant other<br/>observable<br/>inputs (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/>unobservable<br/>inputs (Level 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Assets:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'times new roman'; width: 1%; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,712,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,712,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,901,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,901,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman'; padding: 0px;" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Fair Value Measurements at Reporting Date Using</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="text-align: left; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Description</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Balance as of<br/>December 31,<br/>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Quote prices in<br/>active market<br/>for identical<br/>assets (Level 1)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant other<br/>observable<br/>inputs (Level 2)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Significant<br/>unobservable<br/>inputs (Level 3)</strong></font></td>
<td nowrap="nowrap" style="padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Assets:</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">Call spread option</font><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>7,277,406</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>7,277,406</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,038,537</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>7,038,537</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capped call options</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Liabilities:</strong></font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange forward contracts</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,295,737</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,295,737</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible senior notes</font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,506,981,361</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;">
<p style="margin: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506,981,361</font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #ffffff;">Warrant Liability</font><br/></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>68,377,608</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="font-family: 'Times New Roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);">
<p style="margin: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>68,377,608</font></font></font></p>
</td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(255, 255, 255);"> </td>
</tr>
</table>
</div>
</div>
4286844
-4286844
437886531
-30526093
-2155196
-212906573
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>28.
CERTAIN RISKS AND CONCENTRATION</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 0.25in; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>a)</i></b></font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Concentrations of credit risk</i></b></font></td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, restricted short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2014 and 2015, substantially all of the Group's cash and cash equivalents, restricted cash and restricted short-term investments were held by major financial institutions located in the PRC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group's financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 0.25in; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>b)</i></b></font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Foreign currency risk</i></b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group has contracts for the sales of products, purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, and Euros. For the year ended December 31, 2015, <font>61.4</font>% of the Group's revenues are dominated in foreign currencies, including US Dollars, Euros, Yen, Australian Dollars, Canadian Dollars, South African Rand and Pounds. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td style="width: 0.25in; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>c)</i></b></font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Major customers</i></b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group performs ongoing credit evaluations of its customers' financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2013, 2014 and 2015. There is no accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2014 and 2015, respectively:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div style="display: block; ;display: block;">
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Revenue</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 52%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Company A</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table style="font: 10pt times new roman, times, serif; margin-top: 0; margin-bottom: 0;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: justify;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>d)</i></b></font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Interest rate</i></b></font></td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's main interest rate exposure relates to long-term borrowings. The Group does not hedge against interest rate. Any increase in interest rates would increase the Group's finance expenses relating to our variable rate indebtedness and increase the costs of issuing new debt or refinancing its existing indebtedness.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block; ;display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.100000001490116px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Revenue</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 52%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Company A</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px 5px; white-space: nowrap; font-family: 'Times New Roman'; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
188011825
188011825
7577316
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>29. COMMITMENTS AND CONTINGENCIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(a) Operating lease commitments</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Future minimum obligations for operating leases are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<div align="center">
<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; margin-right: 0.1px;" cellpadding="0" cellspacing="0" width="65%">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom: black 1pt solid !important; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Year ending December 31,</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; border-bottom: black 1pt solid !important; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 84%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2016</font></td>
<td style="font-family: 'times new roman'; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 12%; background-color: #cceeff;"><font>58,299,517</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2017</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font>36,986,876</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2018</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>22,383,061</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font>11,978,437</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2020</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>5,573,159</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Thereafter</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="border-bottom: black 1pt solid !important; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="border-bottom: black 1pt solid !important; text-align: right; font-family: 'times new roman';"><font>86,494,533</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 2.5pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 2.5pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font>221,715,583</font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rental expense under all operating leases were RMB<font><font>9,385,783</font></font> RMB<font><font>22,285,551</font></font> and RMB<font>18,035,038</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(b) Capital commitments</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group entered into several purchase agreements and supplementary agreements with certain suppliers to acquire machineries to be used in the manufacturing of its products. The Group's total future payments under these purchase agreements amounted to RMB<font>1,209.9</font> million as of December 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(c) Contingencies</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In July 2008, the Company entered into a long-term supply agreement with Wuxi Zhongcai, a producer of virgin polysilicon materials. The Company provided a prepayment of RMB<font>95.6</font> million pursuant to such contract. Wuxi Zhongcai subsequently halted production as a result of the adverse changes in the polysilicon market. In February 2013, the Company sued Wuxi Zhongcai in Shangrao City Intermediate People's Court for the refund of the outstanding balance of our prepayment of RMB<font>93.2</font> million after deducting delivery made to the Company by an affiliate of Wuxi Zhongcai. In January 2013, the Company notified Wuxi Zhongcai to terminate our long-term supply agreement. In February 2013, Wuxi Zhongcai sued the Company in Shanghai Pudong New Area People's Court for approximately RMB<font>2.7</font> million for breaching the contract by failing to make allegedly required payments. The Company considered the recovery of the RMB<font>93.2</font> million unlikely as a result of the polysilicon market conditions, the mutually alleged claims and the adverse developments in the operations of Wuxi Zhongcai and recorded provisions of RMB<font>93.2</font> million for the balance of our prepayment to Wuxi Zhongcai. As of the date of this report, these suits are still pending. The Company is unable to reliably estimate the probability of prevailing in the case and the scope of any liabilities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;">On October 11, 2011, JinkoSolar was named as a defendant in a putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York captioned Marco Peters v. JinkoSolar Holding Co., Ltd., et al., Case No. 11-CV-7133 (S.D.N.Y.) (the “U.S. Securities Action”). On June 1, 2012, the court-appointed lead plaintiffs filed an amended complaint (the “Amended Complaint”). In addition to JinkoSolar, the Amended Complaint also named as defendants Xiande Li, Kangping Chen, Xianhua Li, Wing Koen Siew, Haitao Jin, Zibin Li, Stephen Markscheid, Longgen Zhang (the “Individual Defendants”), and the underwriters of our initial public offering in May 2010. The lead plaintiffs in the U.S. Securities Action sought to represent a class of all purchasers and acquirers of ADSs of JinkoSolar between May 13, 2010 and September 20, 2011, inclusive. The plaintiffs alleged that the defendants violated Sections 11 and 12(a)(2) of the Securities Act and Section 10(b) of the Exchange Act by making material misstatements or failing to disclose material information regarding, among other things, JinkoSolar's compliance with environmental regulations at its Haining facility. The Amended Complaint also asserted claims against the Individual Defendants for control person liability under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The Amended Complaint sought, among other things, certification of the putative class, unspecified compensatory damages (including interest), and costs and expenses incurred in the action.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: left; font-size-adjust: none; font-stretch: normal;">On January 22, 2013, the District Court issued a Memorandum and Order dismissing the Amended Complaint as against all defendants. The plaintiffs appealed the District Court's Order to the United States Court of Appeals for the Second Circuit, which issued an order on July 31, 2014 vacating the District Court's Order and remanding the case to the District Court for further proceedings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">On September 15, 2015, the parties entered into a Stipulation of Settlement, proposing a settlement of the lawsuit, subject to the approval of the District Court. On March 11, 2016, the Court entered an Order and Final Judgment approving the settlement, certifying the proposed class for settlement purposes, and dismissing the Amended Complaint with prejudice. Under the terms of the settlement, the members of the proposed class will receive a settlement fund of US$<font>5.05</font> million (RMB <font>32.7</font> million), less any court-approved fees, among which the Company will contribute US$<font>0.6</font> million (RMB <font>3.9</font> million), and the remaining portion will be funded by JinkoSolar's insurers. The Company has settled the litigation claim of US$<font>0.6</font> million (RMB <font>3.9</font> million) related to this class action in cash during the year ended December 31, 2015 and recorded a charge of US$<font>0.6</font> million (RMB <font>3.9</font> million) in general and administrative expense.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><i>(d)</i></b> <b><i>Resolution of a Lawsuit</i></b></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin-top: 0pt; margin-bottom: 0pt; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">In April 2015, JinkoSolar Power was informed that Ningxia Tiande Solar Power Co., Ltd. (‘‘TiandeSolar''), a subsidiary acquired by JinkoSolar Power in August 2014, was sued by an individual at a local court in the Ningxia Province. The plaintiff claimed that Tiande Solar, together with <font>three</font> other defendants, provided a guarantee in the Guaranty Contract for certain loan in the borrowing contract (with the amount of RMB <font>10</font> million for the term from August 29, 2013 to September 28, 2013, bearing interest at a daily rate of <font>0.25</font>%) from the plaintiff to a third party in August 2013. Due to the default of the alleged loan, the plaintiff filed the lawsuit against the borrower as well as the <font>four</font> guarantors (TiandeSolar included) and demanded the repayment of the loan and interests in the amount of RMB <font>15.4</font> million.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">On August 25, 2015, the Shizuishan Intermediate People's Court of Ningxia Hui Autonomous Region made first instance judge that the borrower should repay the loan and interests in the amount of RMB <font>13.2</font> million, and the <font>four</font> guarantors (TiandeSolar included) borne joint liabilities for liquidation with the same amount. TiandeSolar received the judgement notice on September 15, 2015. Management believed that some important evidences were omitted in the first instance judge and the claims were without merit. On September 28, 2015, Tiande Solar appealed to a Superior Court against the first judgement. Based on the internal legal counsel's assessment, the loss arising from an unfavourable court decision by the Superior Court was reasonably possible but not probable.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;">On December 9, 2015, the Superior Court affirmed the first instance judgment and made the final judgement that TiandeSolar lost the lawsuit. On December 30, 2015, TiandeSolar received the ruling documents from the Shizuishan Intermediate People's Court of Ningxia Hui Autonomous Region that the borrower together with the <font>four</font> guarantors (TiandeSolar included) borne joint liabilities for liquidation with total amount of RMB <font>15.3</font> million. The management assessed that it is probable that TiandeSolar will borne all the liabilities after evaluation of the financial capabilities of the borrower and the other guarantors, and recorded a full provision of RMB <font>15.3</font> million in general and administrative expense during the year ended December 31, 2015.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(e) Guarantees</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In July 2014, JinkoSolar Power entered into preferred share agreements with certain investors for the issuance of redeemable convertible preferred shares to such investors. Pursuant to the investment agreement, the investors may request the Company and WWG Investment to redeem preferred shares at their option if a qualified IPO or Sale fails to occur within a prescribed time periods. In substance, the redemption of series A preferred shares was guaranteed by the Company.</font></p>
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<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<div align="center">
<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; margin-right: 0.1px;" cellpadding="0" cellspacing="0" width="65%">
<tr style="vertical-align: bottom;">
<td style="text-align: center; border-bottom: black 1pt solid !important; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Year ending December 31,</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; border-bottom: black 1pt solid !important; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 84%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2016</font></td>
<td style="font-family: 'times new roman'; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 12%; background-color: #cceeff;"><font>58,299,517</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2017</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font>36,986,876</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2018</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>22,383,061</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font>11,978,437</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2020</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font>5,573,159</font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Thereafter</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="border-bottom: black 1pt solid !important; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="border-bottom: black 1pt solid !important; text-align: right; font-family: 'times new roman';"><font>86,494,533</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 2.5pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-color: black !important; border-bottom-width: 2.5pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font>221,715,583</font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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</table>
</div>
</div>
</div>
</div>
</div>
2018-01-31
112714385
673025055
673025055
64101644
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong><strong> </strong><strong> </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> 2013</strong></font></td>
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<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
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<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB </strong><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>483,581,668</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">770,485,897</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Issuance of convertible senior notes</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">914,850,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Foreign exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(18,298,249</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font><br/></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,853,455</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">96,678,461</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>305,202,478</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8,400,918</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Repurchase of convertible senior notes</font><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(138,496,663</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>770,485,897</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,540,398,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,506,981,361</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<div class="CursorPointer">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; padding: 0px; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>16,131,208</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">107,223,601</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Foreign exchange (gain)/loss</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(1,203,512</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font><br/></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">563,725</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,562,342</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of capped call options</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>92,295,905</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(86,689,063</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,170,282</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; text-align: right;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>107,223,601</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,098,263</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,490,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
<div class="CursorPointer">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> </strong><strong> </strong><strong> </strong><strong>For the year ended December 31,</strong></font></td>
<td nowrap="nowrap" style="padding: 0px 5px 0px 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> 2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding: 0px 5px 0px 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong><strong> RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at January 1,</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 10%; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,117,797</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Receipt of available-for-sale investment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>23,730,486</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange gain/(loss)</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>344,877</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,446,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px 5px 0px 0px; background-color: #cceeff;"><br/></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of available-for-sale</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>6,042,434</font></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,795,960</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #cceeff;">Transfer to receivable (Note 2 (g))</font><br/></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; text-align: right; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(20,875,725</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at December 31,</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; text-align: right;border-bottom-width: 2.8pt !important;border-bottom-style: double !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>30,117,797</font></font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,875,725</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding: 0px 5px 0px 0px; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
1777020667
174533796
175881063
112714385
480000
27.73
3046016
22.20
232000
30.88
P4Y
7613965
480000
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>25.
ISSUANCE OF ORDINARY SHARES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company's authorized share capital is US$<font>10,000,000</font> comprising <font>500,000,000</font> ordinary shares with a par value of US$<font>0.00002</font> each. On September 25, 2013, the Company closed a follow-on public offering of <font>17,480,000</font> ordinary shares (<font>4,370,000</font> ADSs) and received aggregated net proceeds of approximately $<font>67.8</font> million, after deducting discounts and commissions but before offering expenses. On January 22, 2014, the Company closed a follow-on public offering of <font>15,000,000</font> ordinary shares (<font>3,750,000</font> ADSs) and received aggregated net proceeds of approximately $<font>126.3</font>million, after deducting discounts and commissions but before offering expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">As of December 31, 2014 and 2015 the Company's issued and outstanding shares were <font><font>124,292,030</font></font> and <font>125,473,930</font>, respectively.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style="display: block;"> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>26. SHARE BASED COMPENSATION</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p><table width="100%" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">a)</td> <td>JinkoSolar Holding</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company adopted a long-term incentive plan (the "2009 Plan") in July 2009 which was subsequently amended and restated. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The 2009 plan provided for the issuance of options of <font>9,325,122</font> ordinary shares. The options have a contractual life of <font>7</font> years except for certain options granted to an employee in August 2009 that can be exercised until October 1, 2013. The share options will vest in <font>5</font> successive equal annual instalments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date. For <font>953,200</font> options granted to <font>one</font> employee in August 2009, the share options vested in a series of <font>36</font> months, on the last day of each month, commencing from October 1, 2008.</font></font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company adopted a new long-term incentive plan (the "2014 Plan") in August 2014. The 2014 Plan provides for the issuance of options of <font>12,796,745</font> ordinary shares. The options have a contractual life of <font>10</font> year. The share options will vest in <font>5</font> successive equal annual instalments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</font></font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On October 1, 2013, under the 2009 Plan, the Company granted to an officer options to purchase</font> <font>600,000</font> o<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">rdinary shares of the Company at an exercise price of </font>US$<font>4.38</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">per share, with which the share options will vest in</font> <font>12</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">successive equal monthly installments on the last day of each month from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</font> </font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On October 1, 2013, under the 2009 Plan, the Company granted to certain employees options to purchase</font> <font>680,000</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">ordinary shares of the Company at an exercise price of </font> US$<font>4.38</font> per share, with which the share options will vest in <font>3</font> and <font>5</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</font></font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On October 10, 2014, under the 2014 Plan, the Company granted to certain officers options to purchase <font>9,940,000</font> ordinary shares of the Company at an exercise price of US$<font>5.93</font> per share. The share options will vest in <font>5</font> successive equal annual installments on the last day of each year from October 10, 2014, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</font></font></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p> <p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On August 13, 2013, the Company extended the expiration date of the stock options granted to an officer from October 1, 2013 to October 1, 2014. As a result of this modification, the Company recorded additional stock-based compensation expense of RMB <font>1,608,968</font> for the year ended December 31, 2013.</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On August 18, 2014, the Company extended the expiration date of <font>873,200</font> stock options granted to an officer from October 1, 2014 to October 1, 2015. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">As a result of this modification, the Company recorded additional stock-based compensation expense of RMB<font>35,513</font> for the year ended December 31, 2014.</font><br/></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>On March 1, 2015, under the 2009 and 2014 Plan, the Company granted to certain officers options to purchase <font>320,000</font> ordinary shares of the Company at an exercise price of US$<font>5.93</font> per share. The share options will vest in <font>5</font> successive equal annual installments on the last day of each year from March 1, 2015, provided that the personnel's service with the Company has not terminated prior to each such vesting date.<br/><br/>On April 13, 2015, under the 2014 Plan, the Company granted to certain officers options to purchase <font>160,000</font> ordinary shares of the Company at an exercise price of US$<font>5.93</font> per share. The share options will vest in <font>5</font> successive equal annual installments on the last day of each year from April 13, 2015, provided that the personnel's service with the Company has not terminated prior to each such vesting date.<br/><br/>On August 20, 2015, the Company extended the expiration date of <font>1,352,840</font> stock options granted to an officer from October 1, 2015 to October 1, 2016. As a result of this modification, the Company recorded additional stock-based compensation expense of RMB<font>180,553</font> for the year ended December 31, 2015.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of activities under the Company's share-based compensation plan is as follow:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <div> <div style="display: block;"> <div style="display: block;"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Number of<br/> option<br/> outstanding</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average<br/> exercise price</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average<br/> remaining<br/> contractual term</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Aggregate<br/> intrinsic value</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(US$/share)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in years)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(RMB)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 48%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of January 1, 2015</font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,625,322</font></font></font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4.55</font></font></font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><br/></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><br/></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">480,000</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.29</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><br/></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><br/></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercise</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,181,900</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.32</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(296,000</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.81</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><br/></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><br/></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,627,422</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.77</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.53</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">201,482,162</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested and expected to vest as of December 31, 2015 </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,030,401</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.09</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.22</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">162,941,498</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested and exercisable as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,475,422</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.49</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.84</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">119,156,340</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Included in the number of share options granted during 2015, <font>142,020</font> options were granted under the 2009 Plan and <font>337,980</font> options were granted under 2014 Plan.</font></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, US$<font>6.9</font> (RMB <font>40.75</font>) per share as of December 31, 2015 and the exercise prices of the options.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total intrinsic value of options exercised during the year ended December 31, 2013, 2014 and 2015 were RMB<font><font>76,736,538</font></font>, RMB<font><font>67,877,828</font></font> and RMB <font>152,515,116</font>, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2013, 2014 and 2015 was RMB<font><font>23.32</font></font>, RMB<font><font>28.42</font></font> and RMB<font>27.73</font> per share, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A summary of non-vested shares activity under the share-based compensation plan is as follow:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <div> <div style="display: block;"> <div> <table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Number of option<br/> outstanding</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average fair<br/>value on grant date (RMB/Share)</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><br/></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-vested at January 1, 2015</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11,950,016</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25.45</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">480,000</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27.73</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,046,016</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22.20</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(232,000</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30.88</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-vested at December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,152,000</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26.52</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: top; text-align: right;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: top; text-align: right;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected to vest as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,554,979</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24.06</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><br/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The total fair value of shares vested for the years ended December 31, 2013, 2014 and 2015 were RMB<font><font>18,548,052</font></font>, RMB<font><font>20,422,248</font></font> and RMB<font>67,627,740</font>, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The share-based compensation expense for the year ended December 31, 2013, 2014 and 2015 was recorded in the respective items:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <div> <div style="display: block;"> <div style="display: block;"> <div class="CursorPointer"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: center; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>RMB</b></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: center; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>RMB</b></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Costs of revenues</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">505,036</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">203,140</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">118,301</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling expenses</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,499,187</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,397,902</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,625,827</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative expenses</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,987,983</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,164,506</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">81,024,667</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Research and development expenses</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,924,447</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,945,590</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,992,206</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,689,995</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,714,385</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, the company had <font>14,627,422</font> options outstanding. Total share-based compensation cost, determined based on the fair value of the options on the grant dates applying an estimated forfeiture rate of 10%, amounted to approximately RMB<font>112,714,385</font> of which the amounts of RMB<font><font>17,992,206</font></font>, RMB<font><font>42,689,995</font></font> and RMB<font>112,714,385</font> was recognized for the year ended December 31, 2013, 2014 and 2015, respectively.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, the Company had unrecognized share-based compensation expense RMB<font>171,208,752</font> related to non-vested share options. That deferred cost is expected to be recognized over a weighted-average period of <font>4.0</font> years. For the year ended December 31, 2015, total cash received from the exercise of share options was RMB <font>7,613,965</font>.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The fair value of options grant during the year ended December 31, 2015 is estimated on the date of grant using Black-Scholes model with the following assumptions:</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <div> <div style="display: block;"> <div class="CursorPointer"> <table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; border-bottom: black 1pt solid; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>2015</b></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 87%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected volatility</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>83.49</font>%-<font>91.68</font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected dividend yield</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected terms</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.5</font></font><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk-free interest rate</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.50</font>%-<font>1.74</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value per option at grant date (RMB)</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25.62</font><font>-</font><font>35.31</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company has no history or expectation of paying dividends on its ordinary shares.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company chose to use the historical volatility and implied volatility of a basket of comparable publicly-traded companies for a period equal to the expected term preceding the grant date.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><table width="100%" style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">b)</td> <td>JinkoSolar Power</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In October 2014, JinkoSolar Power adopted its 2014 Equity Incentive Plan (the “JinkoSolar Power 2014 Plan”), which permits the grant of stock options, restricted shares and restricted share units of JinkoSolar Power to its employees, directors and consultants of the JinkoSolar Power. Under the plan, a total of <font>12,766</font> ordinary shares (<font>12,766,000</font> shares post the thousand-for-<font>one</font> share split by JinkoSolar Power in April 2015) of JinkoSolar Power were initially reserved for issuance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">On May 4, 2015, JinkoSolar Power granted <font>8,680,880</font> share options to its directors, officers and employees, under JinkoSolar Power 2014 Plan to purchase ordinary shares of JinkoSolar Power. Subject to the individuals' continued employment with JinkoSolar Power, and only upon the completion of an IPO of JinkoSolar Power, the option shall vest and become exercisable with respect to the vesting schedule as following.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">- <font>7,021,300</font> share options granted to directors and employees will vest and exercisable in <font>5</font> successive equal annual installments on the last day of each year from grant date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">- <font>1,659,580</font> share options granted to an officer will vest by <font>40</font>% on the grant date, and <font>30</font>% on each of the second and third anniversaries of the grant date. In addition, if the officer's employment with JinkoSolar Power is terminated as a result of certain defined events or situations, any then unvested share options for this officer will immediately become fully vested.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The share options have a contractual terms of <font>10</font> years from the date of grant. The share options shall not become exercisable until JinkoSolar Power's IPO has occurred prior to the expiry of the contractual option term. The exercise of these options will create non-controlling interest at the parent level. Given the exercise restriction, the recognition of share-based compensation expense is delayed. Such expense accumulated from grant date will be recognized at the time of JinkoSolar Power's IPO. Total share-based compensation expense not yet recognized as of December 31, 2015 due to the exercise restriction was RMB<font>21,948,304</font>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">As of December 31, 2015, JinkoSolar Power had <font>8,680,880</font> options outstanding. There were <font>nil</font> options forfeited or vested from the options grant date to December 31, 2015. The remaining contractual life of the options outstanding as of December 31, 2015 is <font>9.34</font> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The grant date fair value of each option is calculated using a binomial option pricing model by the Company. The fair value of each option grant was estimated on the date of grant with the following assumptions: </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><div><table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 87%; text-align: left;">Expected volatility</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>53.56</font></td> <td style="width: 1%; text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>0</font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Option term</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>10</font> years </font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>2.36</font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Expected forfeiture rate (post-vesting)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>0</font>% or <font>10</font></font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fair value per option at grant date (USD)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>1.88</font>-<font>2.01</font></font></td> <td style="text-align: left;"> </td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">The Company estimated the expected volatility at the date of grant date and each option valuation date based on the annualized standard deviation of the daily return embedded in historical share prices of comparable companies. Risk free interest rate was estimated based on the yield to maturity of US treasury strips with a maturity similar to the time to expiry at the option valuation date. JinkoSolar Power has never declared or paid any cash dividends on its capital stock, and JinkoSolar Power does not anticipate any dividend payments on its common shares in the foreseeable future. Expected term is the contract life of the option, and estimated forfeiture rates are determined based on historical employee turnover rate after each option grant.</p> </div></div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Number of<br/> option<br/> outstanding</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average<br/> exercise price</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average<br/> remaining<br/> contractual term</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Aggregate<br/> intrinsic value</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(US$/share)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(in years)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>(RMB)</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 48%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of January 1, 2015</font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,625,322</font></font></font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4.55</font></font></font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><br/></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="width: 10%; text-align: right; background-color: #cceeff;"><br/></td> <td style="width: 1%; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">480,000</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.29</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><br/></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman';"><br/></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercise</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,181,900</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.32</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(296,000</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.81</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><br/></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><br/></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,627,422</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.77</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.53</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">201,482,162</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested and expected to vest as of December 31, 2015 </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,030,401</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.09</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.22</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">162,941,498</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested and exercisable as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,475,422</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.49</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.84</font></font><br/></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 2.5pt double; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">119,156,340</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div> <table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Number of option<br/> outstanding</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Weighted-average fair<br/>value on grant date (RMB/Share)</strong></font></td> <td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><br/></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-vested at January 1, 2015</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11,950,016</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25.45</font></font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">480,000</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27.73</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,046,016</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22.20</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(232,000</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30.88</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-vested at December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,152,000</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26.52</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: top; text-align: right;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; vertical-align: top; text-align: right;"><br/></td> <td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected to vest as of December 31, 2015</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,554,979</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24.06</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div style="display: block;"> <div class="CursorPointer"> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;"> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2013</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: 'Times New Roman';"></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td> <td style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: center; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>RMB</b></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: center; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>RMB</b></font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Costs of revenues</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">505,036</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">203,140</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">118,301</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling expenses</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,499,187</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,397,902</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,625,827</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative expenses</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,987,983</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,164,506</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">81,024,667</font></font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Research and development expenses</font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,924,447</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,945,590</font></font></td> <td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,992,206</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,689,995</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,714,385</font></font></td> <td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="display: block;"> <div class="CursorPointer"> <table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" cellpadding="0" cellspacing="0" width="100%"> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: right; border-bottom: black 1pt solid; font-family: 'times new roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>2015</b></font></td> <td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; width: 87%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected volatility</font></td> <td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>83.49</font>%-<font>91.68</font></font></td> <td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected dividend yield</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected terms</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6.5</font></font><br/></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk-free interest rate</font></td> <td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.50</font>%-<font>1.74</font></font></td> <td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">% </font></td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value per option at grant date (RMB)</font></td> <td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> <td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25.62</font><font>-</font><font>35.31</font></font></td> <td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td> </tr> </table> </div> </div> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>24. REPURCHASE
OF ORDINARY SHARES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$<font>30</font> million of outstanding ADS of the Company from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the memorandum and articles of association of the Company, the relevant rules under United States securities laws and regulations and the relevant stock exchange rules. The share repurchases may be made on the open market, in block trades or otherwise and is expected to include derivative transactions. The program may be suspended or discontinued at any time.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">For the year ended December 31, 2012, <font>173,570</font> outstanding ADSs (<font>694,280</font> shares) were repurchased with a total consideration of RMB<font>5,521,130</font>, which is shown as treasury stock. As of December 31, 2014 and 2015, total of <font>430,800</font> ADSs (<font>1,723,200</font> shares) were repurchased but have not been retired with a total consideration of RMB<font>13,875,553</font> which is shown as treasury stock.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Numerator:</strong></font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders – Basic</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of convertible senior notes interest on assumed conversion</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">64,960,833</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of exchange gain on convertible senior notes on assumed conversion</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,862,093</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of change in fair value of convertible senior notes on assumed conversion         </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders – Diluted</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">593,057,274</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Denominator:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Denominator for basic calculation - weighted average number of ordinary shares outstanding</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">94,018,394</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">122,980,870</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">124,618,416</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dilutive effects of share options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,017,591</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,934,741</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,184,545</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Assumed conversion of convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">26,870,920</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Denominator for diluted calculation - weighted average number of ordinary shares outstanding</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">96,035,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">153,786,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">127,802,961</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Basic earnings per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2.00</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.47</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.49</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Diluted earnings per
share attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1.96</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3.86</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.35</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<br/></div>
</div>
163499
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>21. EARNINGS PER SHARE</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Basic earnings per share and diluted earnings per share have been calculated as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Numerator:</strong></font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders – Basic</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">673,025,055</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of convertible senior notes interest on assumed conversion</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">64,960,833</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of exchange gain on convertible senior notes on assumed conversion</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,862,093</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Elimination of change in fair value of convertible senior notes on assumed conversion         </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">(150,790,707</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders – Diluted</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">188,011,825</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">593,057,274</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">683,751,534</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Denominator:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Denominator for basic calculation - weighted average number of ordinary shares outstanding</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">94,018,394</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">122,980,870</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">124,618,416</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dilutive effects of share options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,017,591</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,934,741</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,184,545</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Assumed conversion of convertible senior notes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">26,870,920</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><br/></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Denominator for diluted calculation - weighted average number of ordinary shares outstanding</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">96,035,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">153,786,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">127,802,961</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Basic earnings per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2.00</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.47</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.49</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Diluted earnings per
share attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1.96</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3.86</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5.35</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">As disclosed in Note 6, redeemable non-controlling Interests, JinkoSolar Power issued redeemable convertible preferred shares, which are accounted for as redeemable non-controlling interest and are accreted from the initial carrying value to the ultimate redemption price on the earliest possible redemption date. For the year ended December 31, 2014 and 2015, accretion of RMB<font>52,320,700</font> and RMB<font>172,340,442</font>, respectively for redeemable non-controlling interests was recorded as a charge to decrease net income to arrive at net income attributable to JinkoSolar Holding's ordinary shareholders. After the accretion, JinkoSolar Power has a net deficit for 2014 and 2015 and there was no remaining earnings attributable to its redeemable convertible preferred shares.</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">For the year ended December 31,2013 and 2015, the convertible senior notes were not included in the calculation of diluted EPS because of their anti-dilutive effect.</p>
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0.0005
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>22. EMPLOYEE BENEFITS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">According to the guidance promulgated by the central government, companies (and employees) are required to contribute, in specified portions, to the social insurance funds (including medical care insurance, work injury insurance, unemployment insurance, maternity insurance and pension benefits) as well as the housing funds (collectively, “employee welfare funds”) on a monthly basis for all of the employees based on such employees' actual salaries or the applicable capped salary base, whichever is lower. An employee is entitled to request its employer to make the required portion of contributions in the statutory amounts to the employee welfare funds.</p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In line with local customary practices, the Company has made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of its employees' actual salaries as required by the above described guidance, and has not made full contribution to the housing funds.</font></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">Based on the Company's observation of local practices and consultation with relevant government authorities, the Company believes its practice has been consistent with the common practice adopted by businesses in Shangrao and Haining, where the Company's main subsidiaries operate.</p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">However, the Company believes it is probable that it will be required to make additional contributions to the employee welfare funds if (i) the government authorities were to strictly enforce the statutory contribution requirements, or (ii) the employees were to request the Company to make full contributions to their employee welfare funds (such request, if made, would most likely be supported by the labor arbitration center or the labor administrative bureau). Therefore, the Company recognizes the difference between the amount of its actual contributions and the statutory contribution requirements under the guidance promulgated by the central government as a liability for employee welfare benefits. The unpaid balance of accrued liability accrued for the welfare benefits were RMB<font><font>210,287,692</font></font> and RMB<font>285,258,650</font> as of December 31, 2014 and December 31, 2015, respectively.</p>
<p style="margin: 0pt 0px 0pt 0.5in; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">On October 28, 2010, the Standing Committee of the National People's Congress issued and adopted the Social Insurance Law (the “Social Insurance Law”), which became effective on July 1, 2011. The Social Security Law imposes certain fines for the aggregated amount of any outstanding contributions if such contributions are not made within a prescribed time period. In light of this requirement, the Company had accrued a penalty on the basis of a daily rate of <font>0.05</font>% of the outstanding contributions as provided under the Social Insurance Law prior to 2014. The unpaid balance of penalty accrued for employee welfare benefits were RMB<font>12,063,712</font> and RMB<font>25,807,949</font> as of December 31, 2012 and 2013, respectively.</p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">On September 26, 2013, the Ministry of Human Resources and Social Security of the People's Republic of China announced “Regulations on the Declaration and Payment of Social Welfare” (“New Social Security Regulation”), which took effect on November 1, 2013. The New Social Security Regulation clarifies that the local social security authority should issue a notification to the employers who fail to make appropriate contribution of social security and a late-payment penalty charge will only be imposed to employers who fail to pay the outstanding contribution within five days upon the receipt of the notification. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">However, there were different interpretations of the New Social Security Regulation as to applicability of the penalty charge by different local authorities in difference cities and provinces in late 2013, therefore, the Company started to perform investigation and legal assessment as well as communicating with relevant local authorities since then and continued to accrue penalty charge as of December 31, 2013. Legal assessment was completed in late 2014. In the opinion of the management, the probability that the Company would be required to pay late-payment penalty in connection with the unpaid contribution is remote, given that the Company has received certificates from local social security authorities which confirmed that the Company was in compliance with the local social insurance regulations as of December 31, 2014 and that local social security authorities have not issued any notification for payment of outstanding contribution to the Company. Accordingly, the Company reversed penalty accruals related to outstanding social welfare contributions for</font> RMB<font>25,807,949</font> in the year ended December 31, 2014, and did not continue to accrue for late-payment penalty since then.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><b>23. CONVERTIBLE SENIOR NOTES AND CAPPED CALL OPTIONS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> <br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><i>2016 Convertible Notes<br/></i><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company issued USD <font>125</font> million of convertible senior notes on <font>May 17, 2011</font>, which will mature on <font>May 15, 2016</font> (the “2016 Notes). The interest rate is <font>4</font>% per annum payable semi-annually, in arrears. No accrued interest is to be paid on the 2016 Notes when they are converted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the 2016 Notes becomes effective and (ii) the first anniversary of the date on which the 2016 Notes are first issued, through to and including the business day prior to the maturity date, into ADSs representing the ordinary shares initially at a conversion rate of <font>29.6307</font> ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$<font>33.75</font> per ADS).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) <font>50</font>% or more of the total voting power of all outstanding classes of Company's shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company's ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The holders have the option to require the Company to repurchase the 2016 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the <font>100</font>% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. No repurchase request was received by the Company. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">While the 2016 Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">As a result of the depressed market conditions, the Company repurchased 2016 Notes with face value of US$<font>2</font> million or <font>1.6</font>% of the Notes at approximately <font>41</font>% of the face value up to December 31, 2011. There were no repurchase of 2016 Notes in the years ended December 31, 2012, 2013 and 2014. The Company repurchased 2016 Notes with face value of US$<font>22.5</font> million or <font>18</font>% of the Notes at approximately <font>96</font>% of the face value during the year ended December 31, 2015.<br/><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><i>2019 Convertible Notes</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company issued USD <font>150</font> million of convertible senior notes on January 22, 2014, which will mature on February 1st, 2019 (the “2019 Notes”). The interest rate is <font>4</font>% per annum payable semi-annually, in arrears. No accrued interest to be paid on the 2019 Notes when they are converted.<br/><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the 2019 Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of <font>21.8221</font> ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$<font>45.83</font> per ADS).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company's shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company's ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The holders have the option to require the Company to repurchase the 2019 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the <font>100</font>% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><font style="font-family: 'Times New Roman';">The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on</font> <font style="font-family: 'Times New Roman';">February 1, 2017 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">While the 2019 Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.<br/><br/></p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">A<i>ccounting for 2016 Convertible Notes and 2019 Convertible Notes</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company has RMB as its functional currency, and the 2016 Notes and 2019 Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company's stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company elected to measure the 2016 Notes and 2019 Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the 2016 Notes and 2019 Notes offering has been expensed as incurred in accordance with ASC 825-10-25-3, which states that upfront costs and fees related to items for which the fair value option is elected shall be recognized in the consolidated statements of operations and comprehensive as incurred and not deferred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"> <br/>As of December 31, 2013, 2014 and 2015, the estimated fair value of the 2016 Notes amounted to approximately RMB<font><font>770,485,897</font></font>, RMB<font><font>721,541,380</font></font> and RMB<font>650,916,976</font>, respectively. The Company recorded foreign exchange gain of RMB<font><font>18,298,249</font></font> for the year ended December 31, 2013 and exchange loss of RMB<font><font>3,039,266</font></font> and RMB<font>44,945,341</font> for the year ended December 31, 2014 and 2015, <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333330154419px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #fffff0;">respectively.</font> Gain from change in fair value of the 2016 notes was RMB<font><font>51,983,783</font></font> in the year ended December 31, 2014. Loss from change in fair value of convertible senior notes was RMB<font>305,202,478</font> and RMB<font>22,926,918</font> in the year ended December 31, 2013 and 2015, respectively. (Note 30).<br/><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">As of December 31, 2014 and 2015, the estimated fair value of the 2019 Notes amounted to approximately RMB <font>818,857,265</font> and RMB<font>856,064,385</font>, respectively. The Company recorded foreign exchange loss of RMB <font>2,814,189</font> and RMB<font>51,733,120</font> for the year ended December 31, 2014 and 2015, respectively. Gain from change in fair value of the 2019 notes was RMB<font>98,806,924</font> and RMB<font>14,526,000</font> in the year ended December 31, 2014 and 2015, respectively. (Note 30).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;"><i>Capped Call Options</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">Concurrent with the Company's issuance of the 2016 Notes on May 17, 2011, the Company entered into a capped call option transactions with an affiliate of the initial purchaser of the 2016 Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the 2016 Notes and effectively increase the conversion price of the 2016 Notes for the Company to $<font>48.21</font> per ADS from the actual conversion price to the 2016 Notes holders of $33.75 per ADS. The total premium paid by the Company for the capped call transactions was US$<font>18</font> million. The purchaser of the 2016 Notes have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"> </p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt Times New Roman, Times, Serif;">The Company's functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative assets are measured and recorded at fair value at initial recognition and is subsequently marked to market each reporting period utilizing the binomial model.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The fair value of capped call options was RMB<font><font>107,223,601</font></font>, RMB<font><font>21,098,263</font></font> and RMB<font>17,490,323</font> as of December 31, 2013, 2014 and 2015, respectively. We recorded loss of RMB<font><font>86,689,063</font></font> and RMB<font>6,170,282</font> for the years ended December 31, 2014 and 2015, and gain of RMB<font>92,295,905</font> for the year ended December 31, 2013 in change in fair value of capped call options(Note 30).</p>
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-51733120
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>18. OTHER PAYABLES AND ACCRUALS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other payables and accruals consisted of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payables for project assets</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">745,106,497</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,238,489,738</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payables for purchase of property, plant and equipment </font></td>
<td style="font-family: 'times new roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">163,015,047</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">323,124,629</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Freight payables</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,111,724</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">142,678,891</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Value-added tax and other tax payables</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">77,827,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">89,567,061</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty cost</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">64,199,521</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">88,911,062</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued utilities, rentals and interest</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,474,340</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,683,202</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Government grants related to assets</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">67,840,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,359,068</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Contracted labor fee</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,329,924</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,451,104</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Countervailing and anti-dumping duty </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>12,914,931</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>30,052,841</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued professional service fees</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,325,928</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,507,860</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Commission payables</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,466,566</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,106,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payable for litigation claim (note 29 (c))</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15,331,850</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposits</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,824,000</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,629,000</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Insurance premium payables </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>5,946,378</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2,557,415</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Borrowing from third parties</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>5,548,568</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,447,349</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Public offering issuance cost</font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,481,149</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,328,174</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Others</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,731,957</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">78,344,582</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392,143,677</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,228,570,149</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The government grant was under Golden Sun Program which was sponsored by China's Ministry of Finance, Ministry of Science and Technology, the National Energy Administration of the National Development and Reform Commission, and the Ministry of Housing and Urban-Rural Development. These grants will be deducted from the carrying amount when the assets are ready for use.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style="display: block;">
<div style="display: block;">
<div style="display: block; ;display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payables for project assets</font></td>
<td style="font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">745,106,497</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,238,489,738</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payables for purchase of property, plant and equipment </font></td>
<td style="font-family: 'times new roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">163,015,047</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">323,124,629</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Freight payables</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,111,724</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">142,678,891</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Value-added tax and other tax payables</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">77,827,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">89,567,061</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty cost</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">64,199,521</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">88,911,062</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued utilities, rentals and interest</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,474,340</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,683,202</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Government grants related to assets</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">67,840,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,359,068</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Contracted labor fee</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,329,924</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,451,104</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Countervailing and anti-dumping duty </font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>12,914,931</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>30,052,841</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued professional service fees</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,325,928</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,507,860</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Commission payables</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,466,566</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,106,323</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Payable for litigation claim (note 29 (c))</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>15,331,850</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposits</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5,824,000</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,629,000</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Insurance premium payables </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>5,946,378</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>2,557,415</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Borrowing from third parties</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>5,548,568</font></font><br/></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,447,349</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Public offering issuance cost</font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,481,149</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px;"><font style="color: rgb(0, 0, 0); font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font>2,328,174</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Others</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,731,957</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">78,344,582</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392,143,677</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,228,570,149</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div></div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>19. BONDS PAYABLE AND ACCRUED INTEREST</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">On January 29, 2013, Jiangxi Jinko issued a six-year bond with an aggregate principal amount of RMB<font>800,000,000</font> which bears a fixed annual interest rate of <font>8.99</font>% and will mature on <font>January 28, 2019</font>. At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require Jiangxi Jinko to repurchase all or part of their bond, at such time. The bond is recorded on amortized cost basis with the interest rate of <font>8.99</font>%. Interest expense related to the bond was RMB<font>66,725,778</font> and RMB<font>66,725,778</font> for the year ended December 31, 2014 and 2015,respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Bonds payable are all issued at face value, unsecured from the issuance date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0in; font-size-adjust: none; font-stretch: normal;">As the put option of the bondholders came into effect in January 2016, the Company reclassified the bonds payable to current liability in 2015.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; text-indent: 0in; font-size-adjust: none; font-stretch: normal;">As the Group has early adopted ASU 2015-03 in 2015, bond issuance costs amounted to RMB <font>3,733,333</font> (US$ <font>576,327</font>) was retrospectively adjusted as a direct deduction from the carrying amount of the bond liability as of December 31, 2014.</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>15. LAND USE RIGHTS, NET</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of <font>50</font> to <font>70</font> years, as applicable, in the PRC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">406,639,529</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">386,633,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated amortization </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(34,707,379</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,719,630</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">371,932,150</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">349,914,140</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization expense was RMB<font>6,664,272</font> , RMB<font>6,882,863</font> and RMB<font>6,300,488</font> for the years ended December 31, 2013, 2014 and 2015, respectively. As of December 31, 2015, estimated amortization expense in each of the next five years is RMB<font>6,937,672</font>.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, Certain land use rights with net book value of RMB<font>303,519,533</font> were pledged as collateral for the Company's borrowings (Note 20).</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">406,639,529</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">386,633,770</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated amortization </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(34,707,379</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,719,630</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Land use rights, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">371,932,150</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">349,914,140</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>16. INTANGIBLE ASSETS, NET</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets and their related amortization are as follow:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trademark</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,828,762</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,071,480</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Computer software</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,240,538</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,457,861</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated amortization </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,105,252</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,326,100</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,964,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,203,241</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization expense was RMB<font>953,290</font> , RMB<font>1,136,953</font> and RMB<font>2,223,458</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Trademark</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,828,762</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,071,480</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Computer software</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,240,538</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,457,861</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated amortization </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,105,252</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,326,100</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,964,048</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,203,241</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
9055845
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif;"><b>14. PROJECT ASSETS</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt -0.5in; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">Project assets and related accumulated depreciation are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"> </p><div><table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">As of December 31,</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2014</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">RMB</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">RMB</td> <td style="font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 74%;">Completed</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>3,405,809,971</font></td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>6,740,017,854</font></td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Under construction</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>1,065,404,823</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>651,828,100</font></td> <td style="text-align: left; padding-bottom: 1pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(118,144,405</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font>(347,117,150</font></td> <td style="text-align: left; padding-bottom: 1pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; padding-bottom: 2.5pt;">Project Assets, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font>4,353,070,389</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"><font>7,044,728,804</font></td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td></tr></table></div><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of December 31, 2014 and 2015 the balances of project assets was RMB<font>4,353,070,389</font> and RMB<font>7,044,728,804</font>, respectively. As of December 31, 2014 and 2015, RMB<font>2,027,560,954</font> and RMB<font>3,334,207,883</font> of project assets had been completed and connected to the grid. The revenues from connection to the grid for the years ended December 31, 2014 and 2015 were RMB<font>237,539,126</font> and RMB<font>618,446,388</font>, respectively. Depreciation expenses of project assets were RMB<font>85,693,840</font> and RMB<font>228,972,745</font> for the years ended December 31, 2014 and 2015, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">As of December 31, 2015, project assets with net book value of RMB<font>3,560,574,593</font> were pledged as collateral for the Group's borrowings (Note20).</p> </div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>12. INVESTMENTS IN AFFILIATES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Investments accounted for under the equity method.</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The movement of the investments in equity method is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At the beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">86,368,746</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-size: 10pt;"><font>95,918,035</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of gain of affiliated companies </font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,549,289</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><br/></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #ffffff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,669,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">At the end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">95,918,035</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">109,587,147</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On December 20, 2012, JinkoSolar signed a strategic cooperation agreement with Jinchuan Group Co., Ltd. (“Jinchuan Group”), a Chinese state-owned enterprise, to jointly invest in and establish a company named Gansu Jintai Electronic Power Co., Ltd. (“Gansu Jintai” or “investee”), to develop 200 MW photovoltaic (“PV”) solar power plant in Jinchang, Gansu Province, China. JinkoSolar holds <font>28</font>% equity interest in Gansu Jintai and accounts for its investment in Gansu Jintai using the equity method as JinkoSolar has the ability to exercise significant influence over the operating and financial policies of the investee. JinkoSolar's share of Gansu Jintai 's results of operations is included in equity (loss)/gain in affiliated companies in the Group's consolidated statements of operations, with an amount of RMB<font>9,549,289</font> and RMB<font>13,669,112</font> for the year ended December 31, 2014 and 2015, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Investments accounted for under the cost method</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i> </i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In May 2012, the Group acquired a <font>9</font>% stake in Heihe Hydropower Development Co., Ltd, a company in Gaisu province, China, for a consideration of RMB<font>7,200,000</font>. The Group accounted for the RMB7.2 million using the cost method of accounting.</font></p>
</div>
1183768
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>13. PROPERTY, PLANT AND EQUIPMENT, NET</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment and related accumulated depreciation are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Buildings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">674,404,784</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">843,434,719</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Machinery and equipment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,587,003,598</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,109,490,563</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,996,742</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,708,696</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture, fixture and office equipment </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">70,296,117</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">92,267,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,363,701,241</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,079,901,623</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: Accumulated depreciation</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,354,103,750</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,732,792,756</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: Impairment</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(37,759,828</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(35,281,427</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subtotal</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,971,837,663</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,311,827,440</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction in progress</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">129,957,509</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">459,628,038</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,771,455,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation expenses were RMB<font>328,311,127</font> , RMB<font>348,022,445</font> and RMB<font>393,162,784</font> for the years ended December 31, 2013, 2014 and 2015, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the years ended December 31, 2013, 2014 and 2015, the Group recorded impairment of RMB<font>3,573,248</font>, RMB<font>6,217,151</font> and <font>nil</font> related to the retirement of certain equipment in the wafer and cell production line that had become obsolete.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, certain property, plant and equipment with net book value amounting of RMB<font>2,063,567,296</font> are pledged as collateral for the Group's borrowings (Note 20).</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>       2015       </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Buildings</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">674,404,784</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">843,434,719</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Machinery and equipment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,587,003,598</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,109,490,563</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,996,742</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,708,696</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture, fixture and office equipment </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">70,296,117</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">92,267,645</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,363,701,241</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,079,901,623</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: Accumulated depreciation</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,354,103,750</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,732,792,756</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: Impairment</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(37,759,828</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(35,281,427</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Subtotal</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,971,837,663</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,311,827,440</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction in progress</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">129,957,509</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">459,628,038</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property, plant and equipment, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,101,795,172</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,771,455,478</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
4207112
649466
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>11. PREPAYMENTS AND OTHER CURRENT ASSETS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments and other current assets consisted of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div style="display: block; ;display: block;">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Value-added tax deductible</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">685,696,580</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">697,764,644</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposit for customer duty, bidding and others</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">68,027,240</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font><font style="font-size: 10pt;">99,610,364</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Assets held for sale related to land use
right</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>38,832,489</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepayment for income tax</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>17,439,451</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>31,683,090</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Receivables related to land use right disposal</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>20,435,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepaid commission</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>9,095,471</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>18,970,826</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Prepaid insurance premium</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,060,226</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>17,634,229</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rental deposit and prepayment</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>31,054,808</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,850,741</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Employee advances</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,602,935</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,449,587</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Receivables of option exercised</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>226,952</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>10,210,003</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Deposits related to construction of solar projects </font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>9,880,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>13,385,573</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepaid land lease</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>674,617</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>9,138,476</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Derivative assets</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>7,277,406</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid professional service fee</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>18,149,624</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,526,264</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Prepayment for share repurchase</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><font>25,471,153</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposits related to acquisition of subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,000,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">6,543,254</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">34,294,522</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font><font style="font-size: 10pt;">912,922,311</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font><font style="font-size: 10pt;">1,035,063,402</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2014 and 2015, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">Derivative assets represent the foreign exchange call spread option the Group purchased in 2015 which will mature within <font>12</font> months. (Note 30)</p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block; ;display: block;">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Value-added tax deductible</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">685,696,580</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-size: 10pt;">697,764,644</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposit for customer duty, bidding and others</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font><font style="font-size: 10pt;">68,027,240</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font><font style="font-size: 10pt;">99,610,364</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Assets held for sale related to land use
right</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>38,832,489</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepayment for income tax</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>17,439,451</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>31,683,090</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Receivables related to land use right disposal</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>20,435,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepaid commission</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>9,095,471</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>18,970,826</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Prepaid insurance premium</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,060,226</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>17,634,229</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rental deposit and prepayment</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>31,054,808</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15,850,741</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Employee advances</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,602,935</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>15,449,587</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Receivables of option exercised</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>226,952</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>10,210,003</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Deposits related to construction of solar projects </font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>9,880,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>13,385,573</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;">Prepaid land lease</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>674,617</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #ffffff;"><font style="font-size: 10pt;"><font>9,138,476</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;">Derivative assets</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>7,277,406</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepaid professional service fee</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>18,149,624</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,526,264</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Prepayment for share repurchase</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;"><font>25,471,153</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deposits related to acquisition of subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10,000,000</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">6,543,254</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">34,294,522</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font><font style="font-size: 10pt;">912,922,311</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #ffffff;"><font><font style="font-size: 10pt;">1,035,063,402</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>10. INVENTORIES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventories consisted of the following:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Raw materials</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">638,652,057</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">530,073,129</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Work-in-progress</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">324,604,192</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">591,775,978</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Finished goods     </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">927,891,802</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,081,475,935</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,891,148,051</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,203,325,042</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-down of the carrying amount of inventory to its estimated market value was RMB<font>163,728,489</font>, RMB<font>75,935,281</font> and RMB<font>98,791,960</font> for the years ended December 31, 2013, 2014 and 2015, respectively, and were recorded as cost of revenues in the consolidated statements of operations. Inventory write downs were mainly related to the inventories whose market value is lower than its carrying amount due to lower photoelectric conversion efficiencies.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, inventories with net book value of RMB<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"><font>475,722,102</font></font> were pledged as collateral for the Group's borrowings (Note 20).</font></p>
</div>
15989691
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>9. ADVANCES TO SUPPLIERS, NET – THIRD PARTY</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to suppliers - current</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,647,202</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">258,114,710</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for advances to suppliers </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,724,857</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,724,857</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to suppliers, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">80,922,345</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">251,389,853</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's advance payments to suppliers with purchase contracts with term of more than one year were made to two major suppliers, Hoku Materials, Inc. ("Hoku"), a fully owned subsidiary of Hoku Corporation (formerly known as "Hoku Scientific, Inc.") and Wuxi ZhongCai Technologies Co., Ltd., ("Wuxi Zhongcai") respectively in 2012. The Group previously entered into long-term polysilicon supply agreements with each of Hoku and Wuxi Zhongcai. As a result of continuing significant decline in the polysilicon purchase price and the adverse developments in those suppliers' operations during 2012, including the suspension of their productions, the Group made full provision of RMB<font>223,043,440</font> for the full outstanding balances of inventory purchase prepayment made to those two suppliers under long-term polysilicon supply contracts during the year ended December 31, 2012. The Group wrote off the provision of RMB<font>223,043,440</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">during the year ended December 31, 2014 and no longer has any advances with these two suppliers.</font> The Company recorded provisions of RMB<font>2,694,857</font> and <font>nil</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">against advances with other suppliers for the years ended December 31, 2014 and 2015, respectively.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2014 and 2015, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.</font></p>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to suppliers - current</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,647,202</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">258,114,710</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Provision for advances to suppliers </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,724,857</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,724,857</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to suppliers, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">80,922,345</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">251,389,853</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2015</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Beginning Balance</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>-</font></font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,435,585,290</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recognition of redeemable non-controlling interest in the current year</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td><br/></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,383,264,900</font></font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accretion to redemption value of redeemable non-controlling interests</font></td>
<td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-bottom: 1pt; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>52,320,700</font></font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">172,340,442</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ending Balance</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td>
<td style="font-weight: bold; /* padding-bottom: 2.5pt; */text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,435,585,290</font></font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="border-bottom: Black 2.5pt double !important; font-weight: bold; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,607,925,732</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<br/></div>
</div>
-59579207
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>6. REDEEMABLE NON-CONTROLLING INTERESTS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">In July 2014, JinkoSolar Power, one of the Company's wholly owned subsidiaries, entered into preferred share agreements with certain investors (“preferred shareholders”) to issue <font>25,532</font> shares of series A redeemable convertible preferred shares, <font>26,809</font> shares of series A-1 redeemable convertible and preferred shares and <font>5,106</font> shares of series A-2 redeemable convertible preferred shares, respectively, at the price of US$<font>3,917</font> per share for an aggregate issuance price of US$ <font>225</font> million (RMB<font>1,385</font> million). The preferred shares on an as-if-converted basis represented approximately <font>45</font>% of the aggregate issued and outstanding share capital of JinkoSolar Power on the closing date, with the Company holding the remaining <font>55</font>%. The issuance costs related to series A, A-1 and A-2 preferred shares were US$<font>240,000</font> (RMB<font>1.5</font> million).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Pursuant to the preferred share agreement, the preferred shareholders have the right to convert all or any portion of their preferred shareholdings into ordinary shares of JinkoSolar Power at the initial conversion ratio of 1:<font>1</font> at any time after the date of issuance of the preferred shares. Conversion ratio is subject to adjustment for dilution, including but not limited to stock splits, stock dividends and recapitalization, In addition, the Preferred Shares will automatically convert into the Company's ordinary shares upon the occurrence of a qualified initial public offering (IPO), at the then effective and applicable conversion price. The shareholders also have the right to require JinkoSolar Power, the Company and WWG Investment, which is a wholly owned subsidiary of the Company and the intermediate holding company that directly holds JinkoSolar Power, to redeem the preferred shares if (i) a qualified IPO or Sale fails to occur within the prescribed time periods; or (ii) a material breach of the terms and conditions of the preferred share agreements by the JinkoPower Solar, the Company and its respective subsidiary. The redemption price for each Preferred Share shall be equal to: (1) the original preferred issue Price, plus (2) a simple annual return of <font>13</font>% (calculated on a 360-day per year basis) on the original preferred issue price, calculated from the issue date, August 11, 2014, until the redemption closing, plus (3) all declared or accrued but unpaid dividends for such Preferred Share until the closing date of the redemption in each case proportionally adjusted for any recapitalization events, such as share split, share combination, and share dividend.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Because the series A preferred shares issued by JinkoSolar Power are redeemable at a determinable price on a determinable date, at the option of the holder, or upon occurrence of an event that is not solely within the control of the issuer. Accordingly, the redeemable preferred shares issued by JinkoSolar Power are recorded and accounted for as redeemable non-controlling interests outside of permanent equity in the Group's consolidated balance sheets in accordance with ASC 480-10-S99-3A. Because the applicable operative agreements do not give the preferred shareholders a contractual right to participate in JinkoSolar Power's earnings or dividends on an actual or if-convertible basis, no earnings or loss of JinkoSolar Power will be allocated at the Company level to the redeemable noncontrolling interests. The Group accretes for the difference between the initial carrying value and the ultimate redemption price to the earliest possible redemption date using the effective interest method. The accretion, which increases the carrying value of the redeemable noncontrolling interests, is recorded against retained earnings, or in the absence of retained earnings, by increasing the accumulated deficit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The change in the carrying amount of redeemable non-controlling interests for the years ended December 31, 2014 and 2015 is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">2015</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 74%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Beginning Balance</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>-</font></font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,435,585,290</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Recognition of redeemable non-controlling interest in the current year</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td><br/></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,383,264,900</font></font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accretion to redemption value of redeemable non-controlling interests</font></td>
<td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-bottom: 1pt; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>52,320,700</font></font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">172,340,442</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ending Balance</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td>
<td style="font-weight: bold; /* padding-bottom: 2.5pt; */text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,435,585,290</font></font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="border-bottom: Black 2.5pt double !important; font-weight: bold; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,607,925,732</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
<br/></div>
</div>
</div>
</div>
60653347
32914257
10046144
27261325
610091593
26052881
-12422770
12422770
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Manufacturing</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Solar projects</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Elimination*</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,045,771,578</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,066,937</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> -</font></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,078,838,515</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>323,522,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>43,652,800</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> (367,174,912</font></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,417,204,215</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,147,192</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,437,351,407</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>23,712,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>25,716,745</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> (49,428,832</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(209,340,372</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14,036,530</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(223,376,902</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">282,959,050</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,467,078</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font> (68,786,825</font></font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">233,639,303</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,309,643,591</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,218,556,658</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (1,916,975,178</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,611,225,071</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Manufacturing</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Solar projects</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Elimination*</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,740,876,507</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">237,652,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,978,528,648</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,893,735,279</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (1,893,735,279</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,103,506,626</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">136,533,561</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,240,040,187</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,331,546</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (153,331,546</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(220,206,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(67,461,121</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(287,667,652</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">721,810,289</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,834,867</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (153,331,546</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">582,313,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,790,325,086</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,958,477,388</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (3,661,166,040</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,087,636,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;" colspan="14"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Manufacturing</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Solar projects</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Elimination*</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,454,374,366</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">622,107,137</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">-</td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,076,481,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,247,310,767</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,247,310,767</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,942,092,054</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">327,709,046</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,269,801,100</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>109,701,143</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(109,701,143</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(247,449,195</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(138,492,991</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(385,942,186</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,044,025,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,169,254</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(109,701,143</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">958,493,615</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,647,630,981</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,936,016,724</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(4,439,099,201</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,144,548,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="vertical-align: top; width: 1%;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">*</font></td>
<td style="width: 99%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Elimination refers to (1) the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment; (2) the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.</font></div>
</td>
</tr>
</table>
</div>
3269801100
16076481503
-0.026
-0.014
-0.012
0.144
0.029
0.117
138323274
1.11
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>4. SEGMENT REPORT</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">In
accordance with FASB ASC 280-010-50-22, the Company considered what financial
information is included in the measures of segment profit or loss reviewed by
our chief operating decision maker (“CODM”) or are otherwise regularly provided
to the CODM, to determine whether to report or disclose a measure of profit or
loss and total assets for each reportable segment. The specific items or
accounts included in the measure of segment profit or loss reviewed by our CODM
or are otherwise regularly provided to the CODM are: revenue from external
customer, intersegment revenue, gross profit/(loss), interest income and
expenses, and income /(loss) before income taxes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The basis of accounting for recording revenue from external customer, intersegment sales and corresponding cost of sales, interest income and expenses, and income /(loss) before income taxes is in conformity with the accounting policies used in the consolidated financial statements, and such segment financial information is prepared and disclosed in accordance with aforementioned accounting basis, is on the same basis by which the Company reports internally to its chief operating decision maker.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The intersegment revenues from the sale of solar modules manufactured by the solar product manufacturing segment were recorded based on amounts charged to the solar project segment, which are generally determined using fair market price charged to independent third party customers. The corresponding cost of sale related to intersegment sales as recorded based on the actual costs of sales incurred by the solar product manufacturing segment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Company's operating segments have certain of their own dedicated administrative and corporate key functions, such as accounting, administration, procurements, marketing, corporate legal and human resource. Costs for these functions are recorded and included in the respective selling, general and administrative costs for each of our segment. The Company allocates corporate costs to each segments based upon the estimated benefits, which are determined based on estimated time spent by corporate employees, provided to each segment from these corporate functions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The following table set forth the results of operations of the segments and reconciliation with consolidated results of operations only for the years ended December 31, 2013, 2014 and 2015:</font></p>
<div>
<div style="display: block;">
<div style="display: block;">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Manufacturing</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Solar projects</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Elimination*</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,045,771,578</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,066,937</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> -</font></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,078,838,515</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>323,522,112</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>43,652,800</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> (367,174,912</font></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,417,204,215</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,147,192</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,437,351,407</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>23,712,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>25,716,745</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> (49,428,832</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(209,340,372</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14,036,530</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(223,376,902</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">282,959,050</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,467,078</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font> (68,786,825</font></font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">233,639,303</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,309,643,591</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,218,556,658</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (1,916,975,178</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; /* padding-left: 5px; */ font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,611,225,071</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Manufacturing</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Solar projects</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Elimination*</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>Total</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,740,876,507</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">237,652,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,978,528,648</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,893,735,279</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-left: 5px; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (1,893,735,279</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,103,506,626</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">136,533,561</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,240,040,187</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,331,546</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (153,331,546</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(220,206,531</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(67,461,121</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(287,667,652</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">721,810,289</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,834,867</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (153,331,546</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">582,313,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,790,325,086</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,958,477,388</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px; font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font> (3,661,166,040</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,087,636,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>As of December 31, 2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #ffffff;" colspan="14"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Manufacturing</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Solar projects</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Elimination*</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; text-align: center; background-color: #ffffff;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #ffffff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenues—third parties</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,454,374,366</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">622,107,137</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">-</td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: right; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,076,481,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Revenues—intersegment</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,247,310,767</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,247,310,767</font></font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit— third parties</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,942,092,054</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">327,709,046</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,269,801,100</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Gross profit—intersegment</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>109,701,143</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(109,701,143</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Interest expense, net</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(247,449,195</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(138,492,991</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> -</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(385,942,186</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income before income taxes and equity in income/(loss) of affiliated companies</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,044,025,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,169,254</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(109,701,143</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">958,493,615</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; background-color: #ffffff;">Total assets</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">19,647,630,981</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11,936,016,724</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman'; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(4,439,099,201</font></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
<td style="text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,144,548,504</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="vertical-align: top; width: 1%;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">*</font></td>
<td style="width: 99%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Elimination refers to (1) the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment; (2) the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.</font></div>
</td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
</div>
</div>
</div>
</div>
572172865
673025055
2328174
226952
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<td style="width: 0.25in; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>5.</b></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>TAXATION</b></font></td>
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</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Company and its subsidiaries file separate income tax returns.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Cayman Islands</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Under the current laws of the Cayman Islands, the Company and its subsidiaries in Cayman Islands are not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>British Virgin Islands</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Under the current laws of the British Virgin Islands(“BVI”), the Company's subsidiary in BVI is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>People's Republic of China</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">On March 16, 2007, the National People's Congress approved the Corporate Income Tax Law of the People's Republic of China (the "CIT Law") with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of <font>25</font>%. As foreign invested enterprises, Jiangxi Jinko and Zhejiang Jinko are entitled to a two year tax exemption from CIT and a 50% CIT reduction for the succeeding three years thereafter. Jiangxi Jinko and Zhejiang Jinko are each subject to CIT rate of 12.5% from year 2010 to year 2012. Starting from year 2013, three of the major subsidiaries of the Group, Jiangxi Jinko, Zhejiang Jinko and Jinko Materials were recognized by State Administration of Taxation as a “National High and New Technology Enterprise”, entitling them to a preferential tax rate of <font>15</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Group's solar power plant project entities are entitled to a three-year tax exemption from CIT starting from the year in which revenue is first generated from the sale of electricity, and a 50% CIT reduction for the succeeding three years thereafter for the income generated from investing and operating in the qualified public basic infrastructure projects according to the CIT Law (“three-year tax exemption and three-year 50% CIT reduction”). The CIT tax rate for these project entities will increase to 25% upon the expiration of such term.<br/><br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Certain solar power project entities enjoy the preferential tax policies for the development of western regions and applying 15% CIT rate. The enterprises which are eligible for such preferential tax policy must engage in the business falling in the scope of the Catalogue of Encouraged Industries in Western Region (“Western Catalogue”) which was released by National Development and Reform Commission (“NDRC”). Enterprises that are eligible for the reduced CIT rate of 15% may be able to enjoy both the preferential tax rate and tax holiday simultaneously where certain criteria are met.</font><br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Additionally, under the CIT Law, <font>10</font>% withholding income tax ("WHT") will be levied on foreign investors for dividend distributions from foreign invested enterprises' profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to <font>5</font>% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. Deferred income taxes are not provided on undistributed earnings of the Company's subsidiaries that are intended to be permanently reinvested in China. Cumulative undistributed earnings of the Company's PRC subsidiaries intended to be permanently reinvested totalled RMB<font>2,118,776,728</font> and the amount of the unrecognized deferred tax liability, calculated based on the 5% rate, on the permanently reinvested earnings was RMB<font>105,938,836</font> as of December 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Hong Kong</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Company's subsidiaries established in Hong Kong are subject to Hong Kong profit tax at a rate of <font>16.5</font>% on its assessable profit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Luxemburg</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Luxemburg is incorporated in Luxemburg and is subject to corporate income tax at <font>29.22</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Japan</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Japan is incorporated in Japan and is subject to corporate income tax at <font>38</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>European Countries</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of <font>8.5</font>% in 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately <font>33</font>% on the assessable profit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Italy is incorporated in Italy and is subject to corporate income tax at <font>31.4</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko France is incorporated in France and is subject to corporate income tax at <font>33.33</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Portugal is incorporated in Portugal and is subject to corporate income tax at <font>23</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>United States</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from <font>15</font>% to <font>35</font>% and California state income tax of <font>8.84</font>%, which is deductible for federal income tax purpose.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Canada</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of <font>15</font>% and provinces and territories income tax of <font>11.5</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Australia</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko Australia is incorporated in Australia and is subject to corporate income tax at <font>30</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>South Africa</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Jinko South Africa is incorporated in South Africa and is subject to corporate income tax at <font>28</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Brazil</i></b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jinko Brazil is incorporated in Brazil and is subject to corporate income tax at <font>15</font>%.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>Mexico</i></b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jinko Mexico is incorporated in Mexico and is subject to corporate income tax at <font>30</font>%.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><em><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Malaysia</font></strong></em></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Jinko Malaysia is incorporated in Malaysia and is subject to corporate income tax at <font>25</font>%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Composition of Income Tax Expense</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income/(loss) before income taxes for the years ended December 31, 2013, 2014 and 2015 were taxed within the following jurisdictions:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cayman Islands</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(252,710,798</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">73,497,948</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,990,185</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">PRC</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">334,511,152</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">695,671,595</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">850,301,335</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other countries</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">151,838,949</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(186,855,933</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">116,182,465</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income/(Loss) before income taxes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">233,639,303</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">582,313,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">958,493,615</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the year ended December 31, 2013, 2014 and 2015, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The current and deferred positions of income tax (expense)/benefit included in the consolidated statement of operations for the years ended December 31, 2013, 2014 and 2015 are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current income tax expenses</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">PRC</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,468,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,703,637</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(105,143,116</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other countries</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(153,468</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,722,360</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,275,016</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total current income tax expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,622,311</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,425,997</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(118,418,132</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax (expense)/benefit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(910,065</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">170,760,020</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,554,493</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income tax (expense)/benefit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,532,376</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">134,334,023</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(111,863,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Reconciliation of the differences between statutory tax rate and the effective tax rate</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>%</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>%</b></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>%</b></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Statutory CIT rate</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of permanent differences:</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Share-based compensation expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Change in fair value of convertible senior notes and capped call options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Accrued payroll and welfare expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Change of enacted tax rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Other permanent differences</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-size: 10pt;">)</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Difference in tax rate of a subsidiary outside the PRC</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.7</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of tax holiday for subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(86.3</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(28.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effective CIT rate</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(23.1</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 0px 1px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11.7</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><br/></td>
</tr>
</table>
</div>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;">Change of enacted tax rate includes 43.8% impact (RMB<font>102,332,587</font>), -9.2% impact (RMB<font>53,444,015</font>), and -2.6% impact (RMB<font>24,896,609</font>) related to revaluation of deferred tax assets and liabilities upon the change of certain tax holidays during the year ended December 31, 2013, 2014 and 2015, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows:</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<div>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The aggregate amount of effect</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,853,541</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">85,570,052</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">138,323,274</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Per share effect—basic</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.27</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.70</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.11</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Per share effect—diluted</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.27</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.56</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.08</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Significant components of deferred tax assets/(liability)—current</b><br/></i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net operating losses</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">209,731</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision for inventories, accounts receivable, other receivable </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">65,697,562</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">74,388,533</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of forward contracts</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,422,965</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(244,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,320,959</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,135,070</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued interest</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">389,575</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,112,954</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,991,820</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">819,098</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total deferred tax assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,186,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">96,211,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,624,641</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,110,947</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax assets—current, net</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">77,562,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">79,100,567</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,187,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,266,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax liabilities—current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,187,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,266,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Significant components of deferred tax assets/liability—non-current</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net operating losses</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,314,107</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">91,209,711</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,178,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">73,807,284</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Timing difference for project assets, property, plant and equipment </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,296,577</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,741,022</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Timing difference for revenue recognition of retainage contract</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,267,698</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,260,336</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(279,551</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(269,037</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total deferred tax assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">172,776,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">211,749,316</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(70,652,937</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(85,905,721</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax assets—non-current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">102,123,906</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">125,843,595</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,572,785</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,379,810</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax liabilities—non-current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,572,785</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,379,810</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
</table>
</div>
</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b><i>Movement of valuation allowances</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">At beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(402,860,548</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font style="font-size: 10pt;">(242,117,755</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(75,277,578</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current year additions</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(21,347,390</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(55,339,194</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(60,653,347</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Utilization and reversal of valuation allowances </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">182,090,183</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">222,179,371</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,914,257</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">At end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(242,117,755</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(75,277,578</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(103,016,668</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2014 and 2015, valuation allowances of RMB75,277,578 and RMB<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">103,016,668</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group's estimate of future taxable incomes of all its subsidiaries by jurisdiction. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur. Certain valuation allowance was reversed in 2015 when certain subsidiaries generated sufficient taxable income to utilize the deferred tax assets. Due to the strong financial performance of certain subsidiaries, </font>the Company has determined that the future taxable income of those subsidiaries is sufficient to realize the benefits of such deferred tax assets. As a result, the Company reversed the valuation allowance of RMB33 million in 2015.</font></p>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cayman Islands</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(252,710,798</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">73,497,948</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,990,185</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">PRC</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">334,511,152</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">695,671,595</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">850,301,335</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other countries</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">151,838,949</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(186,855,933</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">116,182,465</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income/(Loss) before income taxes</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">233,639,303</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">582,313,610</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">958,493,615</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current income tax expenses</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">PRC</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,468,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,703,637</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; padding: 0px; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(105,143,116</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other countries</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(153,468</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,722,360</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,275,016</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total current income tax expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,622,311</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,425,997</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(118,418,132</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax (expense)/benefit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(910,065</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">170,760,020</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,554,493</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Income tax (expense)/benefit</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,532,376</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">134,334,023</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(111,863,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
</table>
</div>
</div>
301252816
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';"></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>%</strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>%</b></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>%</b></font></td>
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Statutory CIT rate</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25.0</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of permanent differences:</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Share-based compensation expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Change in fair value of convertible senior notes and capped call options</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Accrued payroll and welfare expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Change of enacted tax rate</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">—Other permanent differences</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-size: 10pt;">)</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Difference in tax rate of a subsidiary outside the PRC</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.7</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.2</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effect of tax holiday for subsidiaries</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5.8</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(14.4</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(86.3</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(28.6</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Effective CIT rate</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7.9</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(23.1</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 0px 1px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">11.7</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><br/></td>
</tr>
</table>
</div>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.1px;" width="100%">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The aggregate amount of effect</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,853,541</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">85,570,052</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">138,323,274</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Per share effect—basic</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.27</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.70</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.11</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Per share effect—diluted</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.27</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.56</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.08</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net operating losses</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">209,731</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Provision for inventories, accounts receivable, other receivable </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">65,697,562</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">74,388,533</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Change in fair value of forward contracts</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,422,965</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(244,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,320,959</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,135,070</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued interest</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">389,575</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,112,954</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,991,820</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">819,098</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total deferred tax assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,186,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">96,211,514</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,624,641</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,110,947</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax assets—current, net</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">77,562,041</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">79,100,567</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,187,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,266,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax liabilities—current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,187,087</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,266,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt;">)</font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong><strong> </strong></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net operating losses</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,314,107</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">91,209,711</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Accrued warranty costs</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,178,012</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">73,807,284</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Timing difference for project assets, property, plant and equipment </font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,296,577</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,741,022</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Timing difference for revenue recognition of retainage contract</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,267,698</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">21,260,336</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(279,551</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(269,037</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total deferred tax assets</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">172,776,843</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">211,749,316</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Less: Valuation allowance</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(70,652,937</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(85,905,721</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax assets—non-current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">102,123,906</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">125,843,595</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other temporary differences</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,572,785</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,379,810</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Deferred tax liabilities—non-current, net</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,572,785</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,379,810</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;">)</td>
</tr>
</table>
</div>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the year ended December 31</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">At beginning of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(402,860,548</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font style="font-size: 10pt;">(242,117,755</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; font-family: 'Times New Roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">(75,277,578</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Current year additions</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(21,347,390</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(55,339,194</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(60,653,347</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Utilization and reversal of valuation allowances </font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">182,090,183</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">222,179,371</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,914,257</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">At end of year</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(242,117,755</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(75,277,578</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
<td style="font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(103,016,668</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">) </font></td>
</tr>
</table>
</div>
</div>
105143116
13275016
118418132
111863639
0.25
0.018
0.004
0.012
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style="display: block;">
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;"><b>27. RELATED PARTY TRANSACTIONS AND BALANCES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(a) Related party balances</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding amounts due from/to related parties as of December 31, 2014 and 2015 were as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div><div style="display: block;">
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accounts receivable from related parties:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable due from Gansu Jintai Electronic Power Company Ltd.("Gansu Jintai", an affiliated company, in which the Group owns <font>28</font>% equity interests)</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">174,533,796</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">60,973,795</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Advance to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,183,768</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,021,128</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Other receivables from related parties:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances of travel and other business expenses to executive directors who are also shareholders</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">163,499</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">175,881,063</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">61,994,923</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accounts payable due to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable due to a subsidiary of ReneSola</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,544</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,544</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable due to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold <font>73</font>%, of the equity interest)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,465,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,465,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Other payables due to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables to Desun for leasing of land and buildings</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,577,316</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,969,104</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payable of travel reimbursement</font><br/></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font><font style="font-size: 13.3333px;"><font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>23,871</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,055,845</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,471,504</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><em><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings due to subsidiaries of China Development Bank* (Note 20)</font></strong></em></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,356,140,000</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,156,500,000</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><em><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued interest due to subsidiaries of China Development Bank</font></strong></em></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,696,440</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,252,783</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="font-family: 'times new roman'; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><em>*</em></font></td>
<td style="text-align: left; font-family: 'times new roman';">
<div><font style="font-size: 10pt; font-family: 'times new roman', times;"><em>In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds <font>21</font>% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank.</em></font></div>
</td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;">
<tr style="vertical-align: top;">
<td width="0px"></td>
<td style="width: 0.25in; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;">
<tr style="vertical-align: top;">
<td width="0px"></td>
<td style="width: 0.25in; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</font></td>
</tr>
</table>
</div>
</div>
</div>
</div>
</div>
</div></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>(b) Related party transactions</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to RMB<font><font>33,936,022</font></font>, RMB<font><font>557,097</font></font> and <font>nil</font>, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the transaction with ReneSola during 2013, the Group entered into processing services agreements with subsidiaries of ReneSola, and revenue related to provision of processing services was recognised when such services had been performed.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, raw materials purchased from a subsidiary of ReneSola amounted to RMB<font><font>3,968,340</font></font>, RMB<font><font>22,977,148</font></font> and RMB<font>62,640</font>, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, raw materials purchased from a subsidiary of Desun amounted to <font>nil</font>, RMB<font><font>1,252,979</font></font> and <font>nil</font>, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 1, 2008, Desun and Jiangxi Jinko entered into an operating lease agreement pursuant to which Desun leased its buildings and land use rights to Jiangxi Jinko for a <font>ten</font>-year period from January 1, 2008 to <font>December 31, 2017</font>. Desun was deconsolidated from the Company on July 28, 2008 and became a related party of the Group. Desun charged Jiangxi Jinko RMB<font>1,100,304</font> in rent for each year ended December 31, 2013, 2014 and 2015, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On December 20, 2012, JinkoSolar has signed a strategic cooperation agreement with Jinchuan Group Co., Ltd. ("Jinchuan Group"), a Chinese state-owned enterprise, to jointly invest and establish a Company (“Gansu Jintai” or “investee”), to develop 200 MW photovoltaic ("PV") solar power plant in Jinchang, Gansu Province, China. For the year ended December 31, 2013, 2014 and 2015, sales of solar module to Jinchuan Group amounted to RMB<font><font>758,075,064</font></font>, <font>nil</font> and <font>nil</font>.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the years ended December 31, 2014 and 2015, the Shareholders provided guarantees for the Group's several short-term and long-term bank borrowings. As of December 31, 2014 and 2015, the balances of short-term borrowings guaranteed by the Shareholders were RMB<font><font>494,963,947</font></font> and RMB<font>391,905,224</font>, respectively. As of December 31, 2014 and 2015, the balances of long-term borrowings guaranteed by the Shareholders were RMB<font><font>141,400,000</font></font> and RMB<font>662,400,878</font>, respectively (Note 20).</font></p>
<br/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, borrowings from subsidiaries of China Development Bank amounted to RMB <font><font>360,000,000</font></font>, RMB <font><font>1,002,140,000</font></font> and RMB <font>1,210,000,000</font>, respectively. Repayment of borrowings to subsidiaries of China Development Bank amounted to RMB <font><font>2,000,000</font></font>, RMB <font>4,000,000</font> and RMB <font>409,640,000</font>, respectively. Interest charges in connection with the borrowings from China Development Bank amounted to RMB <font><font>20,114,758</font></font>, RMB <font><font>52,883,293</font></font> and RMB <font>107,011,736</font>, respectively.</font></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px; font-size-adjust: none; font-stretch: normal;">The Company entered into a RMB<font>17,000,000</font> loan agreement with a domestic bank in 2015 which was collateralized on Desun's equipment and land use right amounted to RMB <font>25,727,379</font>.</p>
</div>
</div>
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</div>
</div></div>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%;">
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<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="6" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>As of December 31,</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>2015</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
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<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accounts receivable from related parties:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable due from Gansu Jintai Electronic Power Company Ltd.("Gansu Jintai", an affiliated company, in which the Group owns <font>28</font>% equity interests)</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">174,533,796</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">60,973,795</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Advance to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances to subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,183,768</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,021,128</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Other receivables from related parties:</strong></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
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<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances of travel and other business expenses to executive directors who are also shareholders</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">163,499</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">175,881,063</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">61,994,923</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Accounts payable due to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable due to a subsidiary of ReneSola</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,544</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,544</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable due to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold <font>73</font>%, of the equity interest)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,465,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,465,985</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: italic; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Other payables due to related parties:</strong></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other payables to Desun for leasing of land and buildings</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7,577,316</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,969,104</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payable of travel reimbursement</font><br/></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font><font style="font-size: 13.3333px;"><font>-</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>23,871</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,055,845</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,471,504</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><em><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Borrowings due to subsidiaries of China Development Bank* (Note 20)</font></strong></em></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1,356,140,000</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,156,500,000</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><em><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued interest due to subsidiaries of China Development Bank</font></strong></em></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,696,440</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3,252,783</font></font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;">
<tr style="vertical-align: top;">
<td style="width: 0%;"></td>
<td style="font-family: 'times new roman'; width: 0%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><em>*</em></font></td>
<td style="text-align: left; font-family: 'times new roman';">
<div><font style="font-size: 10pt; font-family: 'times new roman', times;"><em>In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds <font>21</font>% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank.</em></font></div>
</td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<td width="0px"></td>
<td style="width: 0.25in; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1)</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</font></td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> </font></p>
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<table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0px; margin-bottom: 0px; width: 100%;">
<tr style="vertical-align: top;">
<td width="0px"></td>
<td style="width: 0.25in; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2)</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</font></td>
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</div></div>
2481781084
12806680403
1977010776
504770308
1144559326
176689513
663225640
102384396
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">1. <b>ORGANIZATION AND NATURE OF OPERATIONS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company and its subsidiaries (collectively the “Group”) are principally engaged in the design, development, production and marketing of photovoltaic products and provision of solar system integration services as well as developing commercial solar power projects.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">JinkoSolar Technology Limited (“Paker”, formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People's Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. (“Jiangxi Jinko”) as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2015:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;">  </p>
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<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><strong>Subsidiaries</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;"><strong>Date of <br/>Incorporation<br/> /Acquisition</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;"><strong>Place of<br/> Incorporation</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;" colspan="5"><strong>Percentage<br/>of ownership</strong></td>
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<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><br/></td>
</tr>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 49%; background-color: #cceeff;">JinkoSolar Technology Limited (“Paker”)</td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20%; background-color: #cceeff;"><font>November 10, 2006</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 15%; background-color: #cceeff;">Hong Kong</td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 11%; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
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<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Co., Ltd. (“Jiangxi Jinko”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 13, 2006</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
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<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 30, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar International Limited (“JinkoSolar International”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 25, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Hong Kong</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 24, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar GmbH (“Jinko GmbH”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 1, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Germany</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 13, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (U.S.) Inc. ("Jinko US")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>August 19, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">USA</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 1, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (Switzerland) AG(“Jinko Switzerland”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>May 3, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Switzerland</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (US) Holdings Inc.(“Jinko US Holding”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 7, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">USA</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Italy S.R.L. (“Jinko Italy”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>July 8, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Italy</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar SAS (“Jinko France”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>September 12, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">France</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Canada Co., Ltd (“Jinko Canada”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 18, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Canada</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko Australia”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 7, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Australia</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Pty Ltd. (“JinkoSolar South Africa”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 13, 2012</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">South Africa</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Japan K.K. (“JinkoSolar Japan”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>May 21, 2012</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Japan</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”)*</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 12, 2013</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Cayman</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar WWG Investment Co., Ltd (“WWG Investment”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 8, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Cayman</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">JinkoSolar Comércio do Brazil Ltda (“JinkoSolar Brazil”)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>January 14, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Brazil</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Projinko Solar Portugal Unipessoal LDA.<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> (“JinkoSolar Portugal”)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>February 20, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Portugal</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;">JinkoSolar Mexico S.DE R.L. DE C.V. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(“JinkoSolar Mexico”)</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>February 25, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Mexico</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Financial Leasing Co., Ltd</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>October 10, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Shanghai Jinko Financial Information Service Co., Ltd</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 7, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Household PV Technology Holding Co., Ltd**(“JinkoSolar Household”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 30, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Hong Kong</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Jinko Solar Technology SDN.BHD. (“JinkoSolar Malaysia”)</font><br/></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font><font>January 21, 2015</font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Malaysia </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Jinko Power International (Hongkong) Limited<br/></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>July 10, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Hong Kong </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">JinkoSolar International Development Limited</td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>August 28, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Hong Kong </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">JinkoSolar (Thailand) Co., Ltd</td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>October 16, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"> Thailand</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 1%; vertical-align: top;" valign="top"><font style="font-size: 10pt;">*</font></td>
<td style="width: 99%;">
<div><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"></font> <font style="font-family: 'times new roman', times;">JinkoSolar Power, a <font>55</font>% owned subsidiary of WWG Investment, is the holding company of the Group's solar project business.</font></font></div>
</td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;">  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">The following table sets forth information concerning the JinkoSolar Power's major subsidiaries as of December 31, 2015:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Subsidiaries</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Date of<br/> Incorporation</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Place of<br/> Incorporation</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;">Percentage<br/>of ownership</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 49%;">Canton Best Limited (“Canton Best BVI”) ***</td>
<td style="width: 1%;"> </td>
<td style="text-align: center; width: 20%;"><font>September 16, 2013</font></td>
<td style="width: 1%;"> </td>
<td style="text-align: center; width: 15%;">BVI</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 12px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: right; width: 11%;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px 7px 0px 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Wide Wealth Group Holding Limited (“Wide Wealth Hong Kong”)***</td>
<td> </td>
<td style="text-align: center;"><font>June 11, 2012</font></td>
<td> </td>
<td style="text-align: center;">Hong Kong</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Jiangxi JinkoSolar Engineering Co, Ltd. (“Jinko Engineering”) (Originally named as Shangrao Jinko PV Technology Engineering Co., Ltd.)</td>
<td> </td>
<td style="text-align: center;"><font>July 28, 2011</font></td>
<td> </td>
<td style="text-align: center;">PRC</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Jinko Power Co., Ltd. (Zhejiang) (formerly Haining JinkoSolar Investment Co.,Ltd)</td>
<td> </td>
<td style="text-align: center;"><font>September 14, 2012</font></td>
<td> </td>
<td style="text-align: center;">PRC</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">***</font></td>
<td style="width: 98%;">
<div><font style="font-size: 10pt;">Canton Best BVI is a wholly owned subsidiary of JinkoSolar Power, and Wide Wealth Hong Kong is a wholly owned subsidiary of Canton Best BVI. Wide Wealth Hong Kong holds <font>100</font>% equity interests in Jinko Engineering which further holds <font>83.56</font>% equity interests in Jinko Power Co., Ltd. (Zhejiang). Jinko Power Co., Ltd. (Zhejiang) holds <font>93</font> solar power project entities in the PRC.</font></div>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">**</font></td>
<td style="width: 98%;">
<div>
<div><font style="font-size: 10pt;">JinkoSolar Household , is the holding company of the Group's household sold project business.</font></div>
</div>
</td>
</tr>
</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> <br/></p>
<div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The following table sets forth information concerning the JinkoSolar Household's major subsidiaries as of December 31,2015:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"></font><br/></p>
<div>
<table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">
<p style="margin: 0px;"><br/></p>
<p style="margin: 0px;">Subsidiaries</p>
</td>
<td style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="text-align: center; font-weight: bold;">Date of<br/> Incorporation</td>
<td style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="text-align: center; font-weight: bold;">Place of<br/> Incorporation</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">Percentage<br/>of ownership</td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 49%;">JinkoSolar Household PV System Ltd.</td>
<td style="width: 1%;"> </td>
<td nowrap="nowrap" style="text-align: center; width: 20%;"><font>January 12, 2015</font></td>
<td style="width: 1%;"> </td>
<td nowrap="nowrap" style="text-align: center; width: 15%;">BVI</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; width: 1%; padding: 0px 12px;"> </td>
<td style="text-align: right; width: 11%;"><font>100</font></td>
<td style="text-align: left; width: 1%; padding: 0px 7px 0px 0px;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">JInkoSolar Household PV Technology (HongKong) Limited(“JinkoSolar Household HongKong”)****</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"><font>January 21, 2015</font></td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;">Hong Kong</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 3%; text-align: left; vertical-align: top;" valign="top"><font style="font-size: 10pt;">****</font></td>
<td style="width: 97%;">
<div><font style="font-size: 10pt;">JinkoSolar Household HongKong has <font>8</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">subsidiaries in the PRC.</font></font></div>
</td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"> </p>
</div>
</div>
</div>
21.40
3.32
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; height: 1216px; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-family: 'times new roman'; padding: 0px;"><strong>Subsidiaries</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;"><strong>Date of <br/>Incorporation<br/> /Acquisition</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;"><strong>Place of<br/> Incorporation</strong></td>
<td style="font-family: 'times new roman'; padding: 0px;"><strong> </strong></td>
<td style="text-align: center; vertical-align: bottom; padding: 0px;" colspan="5"><strong>Percentage<br/>of ownership</strong></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 49%; background-color: #cceeff;">JinkoSolar Technology Limited (“Paker”)</td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20%; background-color: #cceeff;"><font>November 10, 2006</font></td>
<td style="font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 15%; background-color: #cceeff;">Hong Kong</td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 11%; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Co., Ltd. (“Jiangxi Jinko”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 13, 2006</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 30, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar International Limited (“JinkoSolar International”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 25, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Hong Kong</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 24, 2009</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar GmbH (“Jinko GmbH”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 1, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Germany</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 13, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (U.S.) Inc. ("Jinko US")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>August 19, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">USA</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 1, 2010</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (Switzerland) AG(“Jinko Switzerland”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>May 3, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Switzerland</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar (US) Holdings Inc.(“Jinko US Holding”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>June 7, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">USA</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Italy S.R.L. (“Jinko Italy”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>July 8, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Italy</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar SAS (“Jinko France”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>September 12, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">France</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Canada Co., Ltd (“Jinko Canada”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 18, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Canada</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko Australia”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 7, 2011</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Australia</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Pty Ltd. (“JinkoSolar South Africa”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 13, 2012</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">South Africa</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Jinko Solar Japan K.K. (“JinkoSolar Japan”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>May 21, 2012</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Japan</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Power Engineering Group Limited (“JinkoSolar Power”)*</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 12, 2013</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Cayman</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar WWG Investment Co., Ltd (“WWG Investment”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>April 8, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Cayman</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">JinkoSolar Comércio do Brazil Ltda (“JinkoSolar Brazil”)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>January 14, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Brazil</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Projinko Solar Portugal Unipessoal LDA.<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"> (“JinkoSolar Portugal”)</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>February 20, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Portugal</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;">JinkoSolar Mexico S.DE R.L. DE C.V. <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(“JinkoSolar Mexico”)</font></font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>February 25, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Mexico</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Zhejiang Jinko Financial Leasing Co., Ltd</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>October 10, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Shanghai Jinko Financial Information Service Co., Ltd</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>November 7, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">PRC</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"> </td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"> </td>
<td style="text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">JinkoSolar Household PV Technology Holding Co., Ltd**(“JinkoSolar Household”)</td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font>December 30, 2014</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Hong Kong</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Jinko Solar Technology SDN.BHD. (“JinkoSolar Malaysia”)</font><br/></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font><font>January 21, 2015</font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Malaysia </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Jinko Power International (Hongkong) Limited<br/></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>July 10, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Hong Kong </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">JinkoSolar International Development Limited</td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>August 28, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">Hong Kong </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font> </font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"> </td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"><font> </font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;">JinkoSolar (Thailand) Co., Ltd</td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font> <font>October 16, 2015</font></font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: center; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"> Thailand</td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; background-color: #cceeff;"> </td>
<td style="text-align: right; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font>100</font></font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 1%; vertical-align: top;" valign="top"><font style="font-size: 10pt;">*</font></td>
<td style="width: 99%;">
<div><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"></font> <font style="font-family: 'times new roman', times;">JinkoSolar Power, a <font>55</font>% owned subsidiary of WWG Investment, is the holding company of the Group's solar project business.</font></font></div>
</td>
</tr>
</table>
</div>
430555498
-152085
5069039
1266499
1273309
188011825
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b>3.</b> <b>REVENUES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Group's revenues for the respective periods are detailed as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of solar modules</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">6,660,317,517</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,155,395,954</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-left: 5px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">15,086,256,789</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of silicon wafers</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">70,636,980</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">286,585,049</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">138,293,365</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of solar cells</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">184,203,072</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">200,643,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">215,048,296</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of silicon ingots</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,189,751</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of recovered silicon materials</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">14,559,658</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">11,272,636</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,201,794</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Processing service fees</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">71,010,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">69,581,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Solar system integration projects</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">201,056</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">11,209,600</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,660,748</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenue from generated electricity</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">76,719,737</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">243,840,336</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">628,020,511</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,078,838,515</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,978,528,648</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">16,076,481,503</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company began developing solar power plant projects in 2011. Prior to connecting the solar power plants to local power grids, the Group's solar power plants obtained the relevant approvals from the authorities mainly including (i) the approval for the solar power plant issued by National Development and Reform Commission (“NDRC”) or its local branches; (ii) the grid connection approval and grid connection agreement from local grid companies; and (iii) notice for electricity price from NDRC, which includes both the basic portion and government subsidy portion.<br/><br/>Electricity generation revenue represents sales of electricity produced by the solar power plants. Electricity revenue consists of basic portion and government subsidy portion. The basic portion of electricity revenue is borne by the local grid companies and the government subsidy portion of electricity revenue is funded by the China Ministry of Finance (“MOF”). Local grid companies pay government subsidy portion to the Company after their receipt of funds from MOF.<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Before July 1, 2013, the Company did not recognise the government subsidy portion as revenue from solar projects due to the lack of detailed government guidelines and uncertainty over the timing of subsidy payment. During the third quarter of 2013, the Chinese government announced a series of policies aimed at streamlining and standardizing government subsidy payments for electricity revenues for solar projects in China as well as expanding the amount invested in renewable energy. In addition, the Company received the government subsidy portion of electricity revenue for certain solar projects for the year 2012 during the third quarter of 2013. As a result of the increased policy clarity and payment certainty, the Company began to accrue the government subsidy portion of electricity revenue starting July 1, 2013. For the electricity revenues recognized in the year ended December 31, 2013, RMB<font>2,125,076</font> and RMB<font>52,700,759</font> was related to the government subsidy portion of electricity revenue in 2012 and 2013, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">For the electricity revenues recognized in the years ended December 31, 2014 and 2015, RMB<font>161,778,511</font> and RMB<font>407,967,079</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">were related to the government subsidy portion of electricity revenues in 2014 and 2015, respectively.<br/><br/>The Group's solar power plants receive government subsidies after completing certain administrative procedures with MOF, NDRC, and National Energy Administration (“NEA”) to be listed in the Subsidy Catalog. The administrative procedures require the solar power plants to submit the application documents which include NDRC's approval for the solar power plant and NDRC's notice for the electricity price, which each power plant has already obtained before connecting to the local power grid.<br/></font></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Since June 2012, a total of five batches of Subsidy Catalog were issued and the most recent batch of Subsidy Catalog was issued on August 21, 2014, or 5th batch catalog. The Group's power plants connected to the power grids prior to August 2013 have all been listed in the Subsidy Catalog and, has been receiving the subsidy portion of electricity revenue generated on regular basis.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">On January 25, 2016, MOF, NDRC and NEA jointly announced a guidance about the implementation of the application process for 6th batch catalog. Solar power plants that were completed and connected to power grids prior to February 28, 2015 and were not included in the previous catalog are expected to be included in the 6th batch catalog. The Group has submitted all the required documents by the due date, February 29, 2016. The amount of subsidy portion of electricity revenue generated by the Group's power plants to be listed in the 6th batch catalog was RMB <font>500,587,260</font>, which includes subsidy revenue recognised in 2013, 2014 and 2015 of RMB <font>5,718,481</font>, RMB <font>172,737,780</font> and RMB <font>322,130,999</font>, respectively. Given the delay in launching the application process for 6th batch catalog, the government subsidy portion of revenue generated by the Group's power plants which were connected to the power grids subsequent to August 2013, have not been received (Note 8).<br/><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Although there has been delay in the collection of the subsidy portion of electricity revenue, management is of the view that the collectability of such receivable is reasonably assured. The registration in the Subsidy Catalog is an administrative procedure and the Group's power plants are expected to be registered in the Subsidy Catalog in due course. The accrued revenue related to the government subsidy portion are fully recoverable since there has been no bad debt experience with the state grid companies in the past and the subsidy portion of revenue is fully funded by the China central government.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;">Before the third quarter of 2014, the Company received government subsidy portion of electricity revenue from local grid companies without being requested to issue value-added tax invoices, and the Company recognized <font>100%</font> of the government subsidy portion as revenue, which was consistent with the relevant PRC tax regulations. During the third quarter of 2014, the Company's operating subsidiaries were requested by the State Grid Corporation of China to issue value-added tax invoices for government subsidy portion as a condition for the grid company to pay the government subsidy to the Company. By issuing the value-added tax invoices, an operating subsidiary would be subject to value-added tax liability on the government subsidy portion of electricity generation revenue. As a result of such change, the Company recorded a cumulative value-added tax payable and a reduction of revenue in 2014 for the amount of RMB<font>7.7</font> million related to previous years. In addition, starting from 2014, the Company records value-added tax payable with a corresponding reduction to revenue at the time of recognizing the government subsidy as revenue.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; margin: 0pt 0px; font-stretch: normal;"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The following table summarizes the Group's net revenues generated in respective geographic locations:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></p>
<div>
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Inside China (including Hong Kong and Taiwan)</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,461,295,473</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,357,362,571</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px 0px 0px 5px; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">6,231,071,128</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Outside China</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">America</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">414,371,308</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,766,283,018</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,146,330,928</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">UK</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">227,654,714</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,266,982,317</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">839,243,321</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Chile</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,601,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">580,383,748</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,018,522,680</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Turkey</font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>11,200,726</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>50,119,561</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>377,663,473</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Thailand</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>28,028,698</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>65,578,638</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>328,505,810</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">South Africa</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">681,502,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">534,571,266</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">346,904,294</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Japan</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">112,460,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">486,201,347</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">997,526,339</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Rest of the world</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,137,723,941</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">871,046,182</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,790,713,530</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,078,838,515</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,978,528,648</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"> </td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">16,076,481,503</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"> </td>
</tr>
</table>
</div>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>      2015      </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of solar modules</font></td>
<td style="font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">6,660,317,517</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,155,395,954</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding-left: 5px; font-family: 'Times New Roman'; width: 10%;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">15,086,256,789</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of silicon wafers</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">70,636,980</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">286,585,049</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">138,293,365</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of solar cells</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">184,203,072</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">200,643,639</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">215,048,296</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of silicon ingots</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,189,751</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales of recovered silicon materials</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">14,559,658</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">11,272,636</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">5,201,794</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Processing service fees</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">71,010,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">69,581,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Solar system integration projects</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">201,056</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">11,209,600</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,660,748</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Revenue from generated electricity</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">76,719,737</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">243,840,336</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">628,020,511</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,078,838,515</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,978,528,648</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 2.80pt double !important; white-space: nowrap; /* padding-right: 5px; */ padding-left: 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">16,076,481,503</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
</table>
</div>
</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; margin-left: 0.1px;">
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="10" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>For the years ended December 31</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2013</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>2014</strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>       2015       </strong></font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong>RMB</strong></font></td>
<td nowrap="nowrap" style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><strong> </strong></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Inside China (including Hong Kong and Taiwan)</font></td>
<td style="font-family: 'times new roman'; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">3,461,295,473</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,357,362,571</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; white-space: nowrap; padding: 0px 0px 0px 5px; font-family: 'Times New Roman'; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">6,231,071,128</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Outside China</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">America</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">414,371,308</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,766,283,018</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,146,330,928</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">UK</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">227,654,714</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,266,982,317</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">839,243,321</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Chile</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">4,601,077</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">580,383,748</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,018,522,680</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Turkey</font></td>
<td style="font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>11,200,726</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>50,119,561</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>377,663,473</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Thailand</font></td>
<td style="font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>28,028,698</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>65,578,638</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; width: 20px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>328,505,810</font></font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">South Africa</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">681,502,434</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">534,571,266</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">346,904,294</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: 9pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Japan</font></td>
<td style="font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">112,460,144</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">486,201,347</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">997,526,339</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Rest of the world</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">2,137,723,941</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">871,046,182</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">1,790,713,530</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">7,078,838,515</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">9,978,528,648</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"> </td>
<td style="padding-bottom: 2.5pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> </font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px; border-bottom-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; background-color: #cceeff;"><font><font style="font-size: 10pt; font-family: 'times new roman', times;">16,076,481,503</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"> </td>
</tr>
</table>
</div>
</div>
105504
-46520981
-1783456
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28834009
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413004026
17551472
17717509
-94929
1673526386
26052881
914850000
14528109
770201158
-1141190434
1141190434
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16276144
26234900
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1080514
166802
21721556
3353230
316410
48845
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867609
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1175394
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2227375
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10210003
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1851399
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106844495
26434242
4080744
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683751534
105553048
683751534
105553048
113025510
17448132
25471153
674617
9880000
226952
15602935
15060226
9095471
17439451
2566366459
40500000
2606866459
0.0478
997000000
956500000
95918035
1356140000
2696440
75277578
80922345
927891802
324604192
87647202
638652057
685696580
1891148051
31054808
6543254
68027240
4363701241
129957509
2971837663
37759828
1354103750
10000000
18149624
3101795172
4353070389
371932150
34707379
3105252
1392143677
406639529
9964048
210287692
25807949
124292030
124292030
15625322
4.55
11950016
25.45
3546873497
3118303420
517055372
1183768
72880619
174533796
112000000
1599301870
21098263
102123906
103118031
142737230
10403586228
912922311
77562041
20875725
47712744
500000000
0.00002
3592134006
19083903101
25721931
3507097323
463151264
13875553
11874053
251905070
2794024929
17560
1435585290
14115498557
2572785
1540398645
229489242
796266667
66906667
10523364551
66725778
6187087
30901012
7577316
75789187
423088515
312431376
2452443808
3147731807
1478529
19083903101
3405809971
118144405
1065404823
500000000
0.00002
124292030
124292030
1723200
3866631
25047261
332100861
13875553
715056334
3507097323
5112633497
26318114
383466236
3550903388
1157165610
21098263
5112633497
40911888
24225641
65137529
1540398645
1605536174
17560
2794024929
11874053
12582041
1942332
2924336179
451439714
17711
2734
1594156856
246095411
856064385
132153568
738092471
113941843
24542051
3788639
650916976
100484266
62633444
9668938
5916025102
913276900
1228006309
189571507
4249348844
655986422
438669949
67718971
11910526
1838668
17490323
2700041
5916025102
913276900
4321868246
667181489
1398807868
215938725
13875553
2142016
353584018
54583967
55685082
8596295
125473930
1723200
0.00002
500000000
125473930
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150790707
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92295905
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7329752
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2006-11-10
2006-12-13
2009-06-30
2009-11-25
2009-12-24
2010-04-01
2010-06-13
2011-09-12
2010-08-19
2010-12-01
2011-05-03
2011-06-07
2011-11-18
2011-12-07
411730717
2011-07-08
2013-11-12
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Subsidiaries</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Date of<br/> Incorporation</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center;">Place of<br/> Incorporation</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;">Percentage<br/>of ownership</td>
<td nowrap="nowrap" style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 49%;">Canton Best Limited (“Canton Best BVI”) ***</td>
<td style="width: 1%;"> </td>
<td style="text-align: center; width: 20%;"><font>September 16, 2013</font></td>
<td style="width: 1%;"> </td>
<td style="text-align: center; width: 15%;">BVI</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 12px; white-space: nowrap; width: 1%; background-color: #cceeff;"> </td>
<td style="text-align: right; width: 11%;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px 7px 0px 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Wide Wealth Group Holding Limited (“Wide Wealth Hong Kong”)***</td>
<td> </td>
<td style="text-align: center;"><font>June 11, 2012</font></td>
<td> </td>
<td style="text-align: center;">Hong Kong</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left; vertical-align: bottom; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Jiangxi JinkoSolar Engineering Co, Ltd. (“Jinko Engineering”) (Originally named as Shangrao Jinko PV Technology Engineering Co., Ltd.)</td>
<td> </td>
<td style="text-align: center;"><font>July 28, 2011</font></td>
<td> </td>
<td style="text-align: center;">PRC</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">Jinko Power Co., Ltd. (Zhejiang) (formerly Haining JinkoSolar Investment Co.,Ltd)</td>
<td> </td>
<td style="text-align: center;"><font>September 14, 2012</font></td>
<td> </td>
<td style="text-align: center;">PRC</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">***</font></td>
<td style="width: 98%;">
<div><font style="font-size: 10pt;">Canton Best BVI is a wholly owned subsidiary of JinkoSolar Power, and Wide Wealth Hong Kong is a wholly owned subsidiary of Canton Best BVI. Wide Wealth Hong Kong holds <font>100</font>% equity interests in Jinko Engineering which further holds <font>83.56</font>% equity interests in Jinko Power Co., Ltd. (Zhejiang). Jinko Power Co., Ltd. (Zhejiang) holds <font>93</font> solar power project entities in the PRC.</font></div>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">**</font></td>
<td style="width: 98%;">
<div>
<div><font style="font-size: 10pt;">JinkoSolar Household , is the holding company of the Group's household sold project business.</font></div>
</div>
</td>
</tr>
</table>
</div>
2014-04-08
2014-01-14
2014-02-20
2014-02-25
2014-10-10
2014-11-07
2014-12-30
17992206
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">
<p style="margin: 0px;"><br/></p>
<p style="margin: 0px;">Subsidiaries</p>
</td>
<td style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="text-align: center; font-weight: bold;">Date of<br/> Incorporation</td>
<td style="font-weight: bold;"> </td>
<td nowrap="nowrap" style="text-align: center; font-weight: bold;">Place of<br/> Incorporation</td>
<td style="font-weight: bold;"> </td>
<td style="text-align: center; font-weight: bold;" colspan="2">Percentage<br/>of ownership</td>
<td style="font-weight: bold;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td> </td>
<td> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td nowrap="nowrap"> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 49%;">JinkoSolar Household PV System Ltd.</td>
<td style="width: 1%;"> </td>
<td nowrap="nowrap" style="text-align: center; width: 20%;"><font>January 12, 2015</font></td>
<td style="width: 1%;"> </td>
<td nowrap="nowrap" style="text-align: center; width: 15%;">BVI</td>
<td style="width: 1%;"> </td>
<td style="text-align: left; width: 1%; padding: 0px 12px;"> </td>
<td style="text-align: right; width: 11%;"><font>100</font></td>
<td style="text-align: left; width: 1%; padding: 0px 7px 0px 0px;">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"> </td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: left;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left;">JInkoSolar Household PV Technology (HongKong) Limited(“JinkoSolar Household HongKong”)****</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;"><font>January 21, 2015</font></td>
<td> </td>
<td nowrap="nowrap" style="text-align: center;">Hong Kong</td>
<td> </td>
<td style="text-align: left;"> </td>
<td style="text-align: right;"><font>100</font></td>
<td style="text-align: left;">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"> </p>
<table width="100%" cellpadding="0" border="0" cellspacing="0">
<tr>
<td style="width: 3%; text-align: left; vertical-align: top;" valign="top"><font style="font-size: 10pt;">****</font></td>
<td style="width: 97%;">
<div><font style="font-size: 10pt;">JinkoSolar Household HongKong has <font>8</font> <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">subsidiaries in the PRC.</font></font></div>
</td>
</tr>
</table>
</div>
2948489
7086641
2798643
67516104
63331500
7583102
212342881
12919745
506109
-6042434
18657110
189491964
799637
4502516
6590629
1266499
1273309
24823040
282999774
209168858
145665079
1600684
990773
176946176
3469138668
300000000
-83534197
841080278
-3100397
-1286122774
4502516
84000000
17992206
17551472
413004026
800000000
3399340045
63857600
1739243853
1434820
12305449
-529519126
463242173
246791432
63331500
391541
1581644
2000000
1727611910
625089069
180022355
15621225
26552112
32242439
-27576884
412963858
15582225
168266310
-5624125
347795326
6547082
42900000
271350019
178610644
-179373854
-38468031
-25614963
3573248
1200363
96035985
94018394
7.84
8.00
1.96
2.00
233639303
7078838515
5641487108
1437351407
492625584
230125455
65481728
791806015
645545392
-223376902
6871869
188011825
1480139
18532376
328311127
163728489
182090183
21347390
0.27
0.27
25853541
0.079
-0.863
0.058
0.034
0.016
0.438
0.022
0.228
0.012
0.25
910065
17622311
153468
17468843
-10139836
18000000
-186895819
953290
6664272
27309105
308211032
40819459
121315213
202125027
1480139
200644888
17992206
1608968
23.32
76736538
18548052
9385783
188011825
102332587
-164516127
63386902
53444015
593057274
122980870
153786531
3.86
5.47
673025055
6882863
1136953
22285551
20422248
67877828
28.42
42689995
726196922
4634500
5629905
724350350
851167
725201517
188572147
44538077
161420160
85693840
75935281
27151987
2694857
-19008054
-170760020
348022445
582313610
28703637
7722360
36425997
-134334023
0.25
0.011
-0.028
0.004
-0.092
0.049
0.007
0.146
-0.286
-0.231
85570052
0.70
0.56
9978528648
2240040187
-287667652
55339194
222179371
6724857
6217151
9549289
7738488461
769011055
423877983
106627106
1308428152
931612035
26052881
49785321
-147057916
-1692199
851167
52320700
21.88
15.44
1627833342
-109608216
-181893173
-42900000
13375361
1183768
1255054117
-52756
309737240
261751916
1381021677
-989832
73776858
275721519
60164687
240940423
187067558
1288659345
16162935
92440000
135427099
489978748
-2511677528
9380139
4637414
2153867953
1040449696
5220563513
8800000
914850000
770201158
14528109
42689995
129047885
-4158754486
1383264590
-11061518
5303692922
-38479112
3984432151
1320944476
4315667
132500000
10000000
244500000
26052881
35014405
201206133
94041991
711359860
2328174
226952
5200000
-2814189
223043440
14000000
769146293
42689995
13488561
101118580
3102066
353352484
92440000
92255203
402425
4103426
P20Y
P10Y
P3Y
P5Y
P4Y
P5Y
P50Y
P70Y
P5Y
P10Y
2020613588
195235102
445956167
456076191
86368746
242117755
10611225071
25807949
0.09
7200000
674404784
843434719
3587003598
4109490563
31996742
34708696
70296117
92267645
1828762
3071480
11240538
23457861
98361331
71631287
48797710
57578600
1955518
1950000
68933792
87195213
311110
1827064
15086256789
138293365
215048296
5201794
3660748
628020511
228972745
6660317517
9155395954
70636980
286585049
184203072
200643639
1189751
14559658
11272636
71010744
69581434
201056
11209600
76719737
243840336
85693840
7700000
161778511
1.00
172737780
5718481
2125076
407967079
322130999
6231071128
1209900000
95600000
93200000
93200000
2700000
0.614
0.11
12544
12544
1465985
1465985
33936022
3968340
22977148
557097
62640
1100304
1252979
1100304
1100304
P10Y
2017-12-31
494963947
391905224
69000000
2000000000
P12M
47712744
30901012
47712744
30901012
21098263
21098263
20875725
1540398645
1540398645
20875725
7038537
4295737
4295737
7038537
17490323
17490323
1506981361
68377608
68377608
1506981361
4357362571
770485897
-5853455
150790707
914850000
138496663
-8400918
-96678461
1540398645
1506981361
107223601
563725
-86689063
-6170282
2562342
21098263
17490323
19.71
33.75
33.75
27.67
0.0044
0.6431
414371308
0.4614
0.0052
19.71
45.83
45.83
27.67
0.0151
0.6631
0.4044
0.0147
20875725
-3446112
-5795960
-20875725
22750277
15553224
71000875
25640169
-16267966
-14068932
-305202478
150790707
-8400918
92295905
-86689063
-6170282
3186997950
3573248
3101795172
6217151
0
6217151
0
3101795172
0.00
P6Y6M
12796745
505036
203140
118301
1499187
6397902
23625827
15987983
34164506
81024667
1924447
3461295473
1766283018
4146330928
227654714
1266982317
839243321
4601077
580383748
1018522680
681502434
534571266
346904294
112460144
486201347
997526339
2137723941
871046182
1790713530
2027560954
3334207883
163015047
323124629
745106497
1238489738
67840000
39359068
77827147
89567061
112111724
142678891
39474340
87683202
39329924
37451104
64199521
88911062
11325928
17507860
27731957
78344582
800000000
0.0899
0.01
66725778
66725778
2019-01-28
3733333
576327
16076481503
2481781084
792011086
557097
6286827429
9977971551
48390446
25640169
-16267966
-714742
-212906573
721810289
64101644
56931943
8788778
-14068932
-2171869
-14571200
-2249406
282959050
-209340372
1417204215
7045771578
33066937
20147192
-14036530
19467078
10309643591
2218556658
9740876507
-220206531
2103506626
13834867
136533561
-67461121
237652141
15790325086
6958477388
15454374366
2942092054
1044025504
-247449195
-138492991
24169254
327709046
622107137
19647630981
11936016724
0.3
0.165
0.085
0.33
0.314
0.3333
0.15
0.35
0.0884
0.15
0.115
0.23
0.28
32944442
870166389
784255064
0.25
0.15
0.10
0.05
2118776728
105938836
-252710798
73497948
-7990185
334511152
695671595
850301335
151838949
-186855933
116182465
3560574593
322275258
686909010
2301.4
2156500000
106000000
0.0603
209731
65697562
-4422965
9320959
389575
10991820
82186682
4624641
77562041
26870920
64960833
5862093
-150790707
2017591
3934741
3184545
71314107
55178012
33296577
13267698
-279551
172776843
70652937
102123906
74388533
-244141
20135070
1112954
819098
96211514
17110947
79100567
6187087
6187087
9266399
9266399
91209711
73807284
25741022
21260336
-269037
211749316
85905721
125843595
2572785
2572785
11379810
11379810
125000000
0.04
33.75
0.50
1.00
0.296307
770485897
721541380
650916976
22500000
18298249
-305202478
51983783
-3039266
-44945341
0.18
0.96
-22926918
2000000
0.016
0.41
2011-05-17
2016-05-15
25532
26809
5106
150000000
0.04
45.83
856064385
-305202478
150790707
-8400918
-1296878
92295905
-86689063
-6170282
-952527
1.00
2019-02-01
2014-01-22
0.218221
14526000
48.21
107223601
21098263
17490323
92295905
-6170282
-86689063
1812852
223
17480000
2149
4404391
411728568
17992206
18656887
-6042434
6590629
-5887925
188011825
799637
98125
1480139
108051630
15574
1968702066
12869458
-13875553
-142897904
10870764
15000000
1834
1240400
152
13488409
42689995
769144459
4634500
5629905
-66975887
725345755
52320700
851167
14000000
124292030
17560
2794024929
11874053
-13875553
463151264
25721931
1181900
151
4207112
17596865
112714385
5070890
412529
-3950373
856091976
172340442
-99858201
125473930
17711
2924336179
12582041
-13875553
1047044597
29929043
30117797
30000000
430800
13875553
1723200
18000000
9940000
5.93
5
P10Y
5
15000000
126300000
3750000
430800
13875553
1723200
17480000
67800000
4370000
0.28
3186997950
758075064
2013-09-16
1
2012-06-11
1
93
2012-09-14
1
1
2012-04-13
2012-05-21
1
1
3917
0.45
0.55
240000
1500000
1
0.13
225000000
1385000000
172340442
1435585290
1607925732
0.2922
0.38
114000000
114000000
23712087
323522112
43652800
25716745
-49428832
-68786825
-367174912
-1916975178
1893735279
153331546
-1893735279
-153331546
-153331546
-3661166040
186077827
414595769
47390407
59874717
1247310767
109701143
-109701143
-109701143
-1247310767
-4439099201
600000
4.38
12
680000
4.38
3
5
216315543
189000000
123000000
472797600
211718731
42530746
180786421
141400000
662400878
P20Y
P50Y
P50Y
P70Y
2011-07-28
873200
0.15
0.3
0.55
1
0.8356
9325122
P7Y
8000000
5
953200
P36M
1
337980
142020
237539126
618446388
0.21
360000000
2000000
20114758
52883293
4000000
1002140000
1210000000
409640000
107011736
20419212
66596038
2260713
52700759
5521130
173570
694280
12063712
673671445
402860548
1373811407
279130015
223043440
88758778
13202
1524728796
236395
-13875553
-325021804
8689113
8000000
1383264900
52320700
0.8349
0.0150
25.62
35.31
0.0174
0.9168
2015-01-21
1
2015-07-10
1
2015-08-28
1
2015-10-16
1
2015-01-21
8
1
11200726
50119561
377663473
28028698
65578638
328505810
0.25
2080000
2600000
3634740
4191112
3521735
2230777
11466566
17106323
12914931
30052841
2557415
5946378
320000
5.93
5
160000
5.93
5
180553
1352840
35513
2015-01-12
1
70000000
7277406
370437
7647843
-370437
P12M
0.04389
0.0224
P2M26D
0.0016
0.0053
P7M17D
0.0228
0.08078
62331211
3950373
2096024
68377608
2015-12-31
0.01
0.05
66975887
179041258
5887925
184929183
251905070
99858201
351763271
-370437
-57186
-370437
-57186
-2096024
-323570
140908819
119480800
47994478
2000000
140908818
64936000
500587260
818857265
98806924
17000000
169936000
414722102
53000000
91800803
1239460586
235000000
113000000
73000000
299900000
352699510
1710867785
61000000
171380000
255481915
3560574593
418947905
35530746
220981915
2
383122400
6
4000000
0.00675
7
0.10
340000
2096024
8017525
49954794
3705892
24064580
4358118
26658170
296061
1810978
P18M
0.06
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">LIBOR</div>
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">six</div>
6750
150107301
572083538
0.00675
0.01425
0.0210
10190000
62331211
139810000
855203789
0.1395
139453836
905557426
4062057
24847192
10530000
68377608
317
2033000000
9813448
1268724225
149481917
0.0655
1276496254
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">2015</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 87%; text-align: left;">Expected volatility</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 10%; text-align: right;"><font>53.56</font></td> <td style="width: 1%; text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>0</font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Option term</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>10</font> years </font></td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Risk-free interest rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font>2.36</font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left;">Expected forfeiture rate (post-vesting)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>0</font>% or <font>10</font></font></td> <td style="text-align: left;">%</td></tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Fair value per option at grant date (USD)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"><font style="font: 10pt/normal Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal;"><font>1.88</font>-<font>2.01</font></font></td> <td style="text-align: left;"> </td></tr></table></div>
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JinkoSolar Power, a 55% owned subsidiary of WWG Investment, is the holding company of the Group's solar project business.
JinkoSolar Household , is the holding company of the Group's household sold project business.
Canton Best BVI is a wholly owned subsidiary of JinkoSolar Power, and Wide Wealth Hong Kong is a wholly owned subsidiary of Canton Best BVI. Wide Wealth Hong Kong holds 100% equity interests in Jinko Engineering which further holds 83.56% equity interests in Jinko Power Co., Ltd. (Zhejiang). Jinko Power Co., Ltd. (Zhejiang) holds 93 solar power project entities in the PRC.
Elimination refers to (1) the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment; (2) the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.
In connection with the issuance of preferred shares by JinkoSolar Power in July 2014, China Development Bank, through its subsidiary, holds 21% equity interests of JinkoSolar Power on an as-if-converted basis. The above borrowings represent borrowings from subsidiaries of China Development Bank.
JinkoSolar Household HongKong has 8 subsidiaries in the PRC.