（招股说明书节选）

Pre-release of ADSs
       受托人可以在H股（或者接受H股的权利）存托到代管人之前发行美国存托凭证。这种配发称为美国存托凭证预发行。当所代表的H股（或者其它美国存托凭证）提交给受托人时，预发行即告结束。只有在下列情况下受托人才可进行预发行：
       受托人已经收到预发行的美国预托股份的市场全价的担保物；
       每个美国存托凭证的接收者书面同意：
               • 拥有它所代表的H股；
               • 将这些H股的所有权利转让给受托人； 
               • 以受托人的账户持有该H股票；以及
                • 如果受托人要求，尽快把这些H股票交给代管人。
        总之，预发行的美国预托股份数量在任何时候不得超过所有发行的美国预托股份的30%，但是由预发行的美国存托凭证所代表的美国预托股份不在此列。然而，受托人认为合适时，可随时改变或者突破以上限制。

Pre-release of ADSs

The depositary may issue ADRs prior to the deposit with the custodian of H shares (or rights to receive H shares). This is called a pre-release of the ADR. A pre-release is closed out as soon as the underlying H shares (or other ADRs) are delivered to the depositary. The depositary may pre-release ADRs only if:
           • the depositary has received collateral for the full market value of the pre-released ADRs; and
           • each recipient of pre-released ADRs agrees in writing that he or she:
                       • owns the underlying H shares;
                       • assigns all rights in such H shares to the depositary;
                       • holds such H shares for the account of the depositary; and
                       • will deliver such H shares to the custodian as soon as practicable, and promptly if the depositary sodemands.

In general, the number of pre-released ADSs will not evidence more than 30% of all ADSs outstanding at any given time, excluding those evidenced by pre-released ADRs. However, the depositary may change or disregard such limit from time to time as it deems appropriate.