cai rongsheng brands

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

Last month, authorities began investigating Cai Rongsheng, the head of admissions at Beijing’s elite Renmin University, also for suspected corruption.

Prosecutors have alleged that Cai Rongsheng, the former head of the admissions office at Renmin University in Beijing, took the money in exchange for helping students get admitted into the university or have their majors adjusted.

An"s investigation came after the case of Cai Rongsheng, director of the admissions office of Beijing-based Renmin University of China, who is also confirmed to have been investigated.

At a disciplinary hearing held on 25 January 2005, the Listing Committee conducted a hearing into possible breaches by, among others, the former executive directors of the Company, namely, Mr Pan Ning, Mr Wang Guo Duan, Mr Chen Ding Bang, Mr Chen Fu Xing, Mr Cai Shier, Mr Chen Tong Xing and Mr Liang Yuan Ying (collectively, the "Former Executive Directors") of the Exchange Listing Rules and the Director"s Undertakings.

In its announcement dated 13 March 2002, the Company disclosed, among other things, the following connected transactions among the Company and its subsidiaries ("Group") and Guangdong Kelon (Rongsheng) Group Company Limited ("GKG"), the single largest shareholder of the Company at the material time and GKG"s subsidiary:

On5 December 2000, GKG entered into an agreement with the Company to reimburse part of the costs paid by the Group in 1999 and 2000 for advertising the "Kelon" and "Rongsheng" brands, which were owned by GKG and which GKG licensed the Company to use for the Group"s business. As at the date of the agreement, the amount reimbursed by GKG was RMB328,240,000.