Congratulations on ICBC was listed on both the HK and SH Stock Exchanges simultaneously and successfully

BMI Professional Translation Services Limited ("BMI Translation") offered IPO prospectus translation service in 2006 to Industrial and Commercial Bank of China Limited (ICBC , Stock Code: 1398 ) which is recorded to be the world's largest initial public offering .

The ICBC IPO is the first simultaneous dual listing in Hong Kong and Shanghai , and is the largest ever amount capped, with over HK$400 billion of capital attracted during the IPO period. ICBC is listed on 27 October 2006 .

Highlights pursuant to the IBC Amendment Acts enacted on 1 January 2005

The Registry advises that commencing 1 January 2007 , the IBC Act will be repealed. Any company that has not voluntarily re-registered from IBC to BBC by 31 December 2006 ,will be automatically re-registered from 1 January 2007 .

The practicalities of this are that the provisions contained within the Memorandum and Articles of the IBC Act company relating to shares, authorised capital, surplus and declaration/payment of dividends will be retained; furthermore the calculation of annual fees will be continued to base on the level of authorised capital instead of the number of authorised shares as contained in the 2004 BBC Act.

Other consequences of automatic re-registration are:

• The Registrar shall enter the name of the company on the Register and allocate a unique number.

• The company's Memorandum and Articles of Association will deem to be amended to the extent required to comply with this Act, to be effective from 1 January 2007 .

• The Registrar will not be required to issue a certificate of re-registration, unless a company applies for such a certificate and pays the appropriate fee.

Automatic re-registration does not affect: a company's existence as a legal entity, prejudice or affect its identity; its assets, rights and obligations; or any proceedings that may be in course against the company.

BVI companies whose M&AA allow the issuance of bearer shares will start paying higher annual fees

Since BVI companies whose Memorandum and Articles of Association (“M&AA”) allow the issuance of bearer shares will start paying annual fees to the Companies Registry starting from the year 2008, it is important to point out that if your IBC was incorporated before 31 st December 2004, it should have a M&AA that allow the company to issue bearer shares. Therefore, if you do not want to keep this feature, and would like to avoid paying higher annual fees starting from the year 2008, please contact our Ms. Fonnie Chong at fchong@ibc-cs.com for assistance and further info rmation.

BMI Innovation Limited (“BMI Innovation”) (Strategic Alliance of our Group) has been offering Course Consultant Service for a Large Famous Transportation Enterprise for Successive 3 years.

On November 2006, BMI Innovation arranged a 7-day study tour to China for a large famous transportation enterprise, and the visiting place included Beijing , Shanghai and Hang Zhou. The content of this tour covered learning China 's updated political development, some lectures and visits specially designed for this enterprise. According to our experiences, meeting with professors from top-brand universities, government official s and local enterprises ' senior executives was a easy and direct access to learn the first-hand info rmation about China ' s development.

During the busy tour, it is our fortunate to get the warm welcome from Shanghai Pudong Productivity Council and University of Zhe Jiang and Peking University, etc.. More importantly, we built a good relationship with governance officials and professors from these cities, and confirmed our future partnership.

Rely on BMI Innovation 's rich experiences in this field, we would provide various better programme-planning services to create more study opportunities with higher quality for HK enterprises

HKAS 32 and 39- Financial Instruments Valuation

The two HKAS require an entity to recognize its financial instruments , including primary and derivative instruments, simple and compound instruments, financial liabilities, derivatives and embedded derivatives in its financial statements.

Our CFA holders and actuaries have developed a " Sophisticated Model" with actuarial assumptions to provide the fair market value of each of the financial instruments . Our valuations have been adopted by over 300 Hong Kong and Singapore listed companies.

[Growth with Advancing Mission] is not only one slogan of BMI group, but also the most appropriate description for our recent development. BMI group has been aware that the steady development of the enterprise has to be under the direction of clear and advancing mission. Only in this case, BMI's development is truly motivated and will not make any blinded decisions.

Without any doubt, the Group's successful development not only relies on the cohesion of staff and management level, but most important is the close relationship with our clients. By working as their team member and thoroughly understand their needs, we provide quality and cost-efficient corporate consulting services.

In order to share this belief with all staff and clients, BMI has specially designed our desktop calendar 2007 .The calendar features one single meaningful word related to enterprise development each month . Hopefully, you can not only mark all the important events on it , but also give some relevant thought.

On behalf of all BMI staff, we wish you a Happy New Year and further success of your business!

<< Application Guide to “Accounting Standards of Business Enterprises (ASBE)” >>

On October 30th 2006, << Application Guide to “Accounting Standards of Business Enterprises” >> was issued by the Ministry of Finance of the People's Republic of China, which was considered to be the crucial part of whole ASBE system. Its content is to make further explanation for 32 new accounting standards like ASBE 1—Inventories, and to make regulations on accounting subjects and main accounting treatments. The issuance of the “Application Guide” is a symbol that the construction of China 's ASBE system has basically come to the end.