Llinks Advised on the Asset Securitization Product which Has Achieved

Llinks advised Shanghai Pudong Road and Bridge Construction Co., Ltd. ("Pudong Construction") (SH600284) on its launch of a special asset management plan supported by proceeds from Pudong Construction's BT projects. In this plan, Pudong Construction will sell its receivables of about RMB 425 million from BT projects during the forthcoming four years to a SPV established by a securities house and the preferential certificates of this plan will be traded publicly on the Shenzhen Stock Exchange as of June 28, 2006. This landmark plan was recognised by some authoritative media as the asset securitization product which achieved "true sale" for the first time in the China market.