Subsidiaries

: Nam Kwong Petroleum & Chemical Co., Ltd.
: Macao CTS Hotel Management (International) Ltd.
: China Travel Service (Macao) Ltd.
: Nam Kwong Industry Co., Ltd.
: Nam Kwong Commercial Co., Ltd.
: Nam Kwong Hang Fung Investment Co., Ltd.
: Nam Kwong Logistics Co., Ltd.
: Guangdong Nam Kwong Industry & Trading Company
: Nam Kwong (Shanghai) Investment Company Limited
: Shanghai Shihua International Travel Service
: Shanghai Huagao Real Estate Development Co., Ltd.
: Beijing Nam Kwong Petroleum & Chemical Co., Ltd.

Subsidiaries