Topsports International Holdings Limited (Hong Kong SAR, China)

Topsports International Holdings Limited, located in Shanghai, was formerly known as Xin Nuowei Limited and was incorporated on April 5, 2006. On February 26, 2008, a shareholder meeting was held, and it was agreed to transform Xin Nuowei Limited into a limited company. On March 16, 2008, all shareholders of Xin Nuowei Limited, as initiators, signed the "Initiator Agreement." According to the audit report issued by Hebei Guanghua Certified Public Accountants Co., Ltd. (Guanghua Audit Association [2008] No. 185), Xin Nuowei Limited had a net asset value of 161.2362 million yuan as of February 29, 2008, which was converted into 150 million shares of the company's stock, with the remaining balance being included in capital reserves. After the transformation into a limited company, the proportion of shares held by the original shareholders of Xin Nuowei Limited remained unchanged. On March 31, 2008, the Shijiazhuang Administration for Industry and Commerce approved the application for the overall transformation and establishment of the company and issued a new business license.