We have established the Remuneration Committee with written terms of reference in compliance with Rule 3.25 of the Listing Rules and the Corporate Governance Code. The Remuneration Committee consists of one executive Director and two independent nonexecutive Directors, namely Mr. Du Zhongbing, Ms. Li and Mr. Li Jin. Mr. Du Zhongbing serves as the chairman of the Remuneration Committee. The primary duties of the Remuneration Committee include, without limitation, making recommendations to our Board on our policy and structure for the remuneration of all Directors and senior management and on the establishment of a formal and transparent procedure for developing the policy on such remuneration, determining the specific remuneration packages of all Directors and senior management and reviewing and approving performance-based remuneration by reference to corporate goals and objectives resolved by our Board from time to time.