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According to the Securities and Futures Association of Henan, we have the most extensive branch network coverage among all securities firms with a presence in Henan. As of June 3, 2014, we had 62 securities branches across the 18 prefecture-level cities in Henan and 12 major cities in China, such as Beijing, Shanghai and Shenzhen. In addition, we have five futures branches, including three in Henan, one in Dalian, Liaoning Province and one in Xianyang, Shaanxi Province. Our branch network in Henan covers all the prefecture-level cities in the province and our branches outside Henan are strategically located at “Bohai Rim”,“Yangtze River Delta”, “Pearl River Delta” and alongside the “Beijing-Guangzhou Railway,” one of the most important railway lines in China connecting the north and south of China. In January 2014, 16 of our securities branches were awarded “Top 100 Securities Branches – I Am the Shareholder” by the Shanghai Stock Exchange. As of December 31, 2011, 2012 and 2013, we have 52, 54 and 58 securities branches, respectively. The following diagram illustrates the cities served by our branch network as of June 3, 2014:


We have been transitioning our branches from conventional brokerage branches to comprehensive securities and financial services platforms that provide integrated investment and financing services and improve client service. We completed the transition of 36 key securities branches to comprehensive securities and financial services platforms in the first quarter of 2014 and we expect to complete the transition of our remaining securities branches by the end of 2014.