SHANGHAI FOREVER IMPORT & EXPORT CO., LTD.

SHANGHAI FOREVER BICYCLE Co., Ltd (referred to as FOREVER) was founded in 1940. As one of the earliest bicycle manufacturers in China, FOREVER was the greatest contributor to the development of the Chinese bicycle industry. FOREVER created the calibrated bicycle which unifies the national standard and specification of bicycle, and also developed the first generation of 660MM lightweight bicycle, heavy-loaded bicycle, racing bicycle, electric bicycle, LPG gas moped and so on. These products have received over 125 awards from different organizations of the country, ministry and city. The production of FOREVER bicycle reached up to 4 million a year, including 7 series, 5 categories and more than 300 varieties, and the annual sales ranked first in China. The annual production capacity of electric bicycle has been more than 300 thousand with 3 series of product groups exported to over 100 countries and areas. FOREVER is also the earliest company which implemented the reform of modern corporate system in bicycle industry. In 1993, with the beginning of overall restructuring, FOREVER listed successfully in China, issuing A share and B share on the Shanghai stock exchange successively and becoming the first listed bicycle enterprise in China. In 2001, Shanghai private enterprise, ZHONGLU GROUP, purchased and gained control of FOREVER, opening a new chapter in the development of the FOREVER bicycle brand. FOREVER became China's largest manufacturing base of two-wheel cycles, after Zhonglu Group acquired a land area of 560 mu (380,000 sqm) in the Pudong New District. A modern manufacturing base was completed in 2005 for two-wheel cycles including upscale bicycle, electric bicycle and children bicycle, as well as a free trade center of whole bicycle and accessories, integrating research, development and exhibition, museum as one unit.