| Shanghai White Platinum & Silver Exchange (Shanghai Huatong)
Shanghai Huatong is a wholly owned subsidiary of the Group. It is the cornerstone of developing the silver exchange business, as part of our plan to become a leading vertically-integrated silver enterprise.
Shanghai Huatong is the operator of an integrated precious metals and non-ferrous metals exchange in China which provides professional and standardized spot goods supply, trading, logistic and e-commerce services. It is currently one of the largest spot exchange for silver trading in China with its official website, www.buyyin.com, being the most authoritative web portal for the silver industry in China. The daily spot silver prices quoted by www.buyyin.com are the general reference prices for the silver industry in China.
In addition, Shanghai White Platinum & Silver Exchange has maintained close relationships with the largest silver producers and silver-consuming companies in China. It has over 300 participants, covering more than 80% of the silver manufacturing enterprises, with a total of 42 recognized silver brands for trading. The average settlement price quoted by the company has been the reference price for 90% of the silver smelters and over 1,500 silver-consuming companies in the PRC.