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MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our results of operations and financial condition.

British virgin islandsHong kong special administrative regionHong kong generalHong kongJianping zhouFenlan xuTaizhou suxuantangPharmaceuticals incAdministration of foreign exchangeTaizhou suxantang biotechnology coHuangshan panjie investment management co ltdJiangsu changjiang commercial bankChinese securities regulatory commissionJiangsu taizhou suxantang pharmaceutical co ltdReform of foreign exchange managementEffect of exchange rate changes on cash