Subject: Re: Sinopec deal update as instructed by Jonathan
From: "Devon Archer" <[email-masked]>
To: "xzli" <[email-masked]>
Cc: <[email-masked]>, <[email-masked]>, <[email-masked]>, "Devon Archer" <[email-masked]>, "James Bulger" <[email-masked]>,Jonathan Li 李祥生 <[email-masked]>, "felix.yu" <[email-masked]>, <[email-masked]>
Date: Sun, 22 Feb 2015 10:23:45 -0500

Thank you for the update.  It's a shame we have an investor not honoring their commitment but it's also great to hear that we closed and funded such a significant number.  Congratulations to the team on the progress and Happy New Year!

Devon Archer
646 436 3745

> On Feb 22, 2015, at 4:24 AM, xzli <[email-masked]> wrote:
> 
> Dear All,
>  
> As you may know, we have committed RMB6 billion in total to Sinopec deal. As of February 14, 2014, we have contributed RMB3.75 billion to Sinopec, while the remaining RMB2.25 billion is overdue since one of our investors for the deal has failed to honor its commitment to us. This investor is a private company and has committed to invest in a structured product, for which it has committed RMB0.75 billion as subordinate investor while a big bank has committed RMB1.5 billion as preferred investor.  We are still pushing this investor to honor its commitment.  As this investor has entered into a binding subscription agreement with us, we will hold it liable for the breach, and if necessary, will take legal action to protect our interest.  In the meantime we are seeking other source of funding and currently negotiating with three potential investors.
>  
> Will keep you posted for any progress.
>  
> Best,
> Xinzhon