SEC Info - CBAK Energy Technology, Inc. - ‘10-Q’ for 3/31/12

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CBAK Energy Technology, Inc. – ‘10-Q’ for 3/31/12 – ‘EX-101.INS’

On: Thursday, 5/10/12, at 6:06am ET · For: 3/31/12 · Accession #: 1204459-12-1016 · File #: 1-32898

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/10/12  CBAK Energy Technology, Inc.      10-Q        3/31/12   55:3M                                     Newsfile Cor… Toronto/FA

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report -- form10q                         HTML    636K 
 6: EX-99.1     Miscellaneous Exhibit -- exhibit99-1                HTML     20K 
15: EX-99.10    Miscellaneous Exhibit -- exhibit99-10               HTML     19K 
16: EX-99.11    Miscellaneous Exhibit -- exhibit99-11               HTML     20K 
17: EX-99.12    Miscellaneous Exhibit -- exhibit99-12               HTML     19K 
18: EX-99.13    Miscellaneous Exhibit -- exhibit99-13               HTML     19K 
19: EX-99.14    Miscellaneous Exhibit -- exhibit99-14               HTML     20K 
20: EX-99.15    Miscellaneous Exhibit -- exhibit99-15               HTML     19K 
21: EX-99.16    Miscellaneous Exhibit -- exhibit99-16               HTML     19K 
22: EX-99.17    Miscellaneous Exhibit -- exhibit99-17               HTML     19K 
 7: EX-99.2     Miscellaneous Exhibit -- exhibit99-2                HTML     19K 
 8: EX-99.3     Miscellaneous Exhibit -- exhibit99-3                HTML     19K 
 9: EX-99.4     Miscellaneous Exhibit -- exhibit99-4                HTML     19K 
10: EX-99.5     Miscellaneous Exhibit -- exhibit99-5                HTML     16K 
11: EX-99.6     Miscellaneous Exhibit -- exhibit99-6                HTML     20K 
12: EX-99.7     Miscellaneous Exhibit -- exhibit99-7                HTML     19K 
13: EX-99.8     Miscellaneous Exhibit -- exhibit99-8                HTML     18K 
14: EX-99.9     Miscellaneous Exhibit -- exhibit99-9                HTML     19K 
 2: EX-31.1     Certification -- §302 - SOA'02 -- exhibit31-1       HTML     21K 
 3: EX-31.2     Certification -- §302 - SOA'02 -- exhibit31-2       HTML     21K 
 4: EX-32.1     Certification -- §906 - SOA'02 -- exhibit32-1       HTML     17K 
 5: EX-32.2     Certification -- §906 - SOA'02 -- exhibit32-2       HTML     17K 
40: R1          Document and Entity Information                     HTML     44K 
33: R2          Condensed interim consolidated balance sheets       HTML    139K 
38: R3          Condensed interim consolidated balance sheets       HTML     27K 
                (Parenthetical)                                                  
42: R4          Condensed interim consolidated statements of        HTML    102K 
                operations and comprehensive loss                                
52: R5          Condensed interim consolidated statements of cash   HTML    131K 
                flows                                                            
34: R6          Condensed interim consolidated statements of        HTML     50K 
                shareholders equity                                              
37: R7          Principal Activities, Basis of Presentation and     HTML     56K 
                Organization                                                     
32: R8          Pledged Deposits                                    HTML     20K 
30: R9          Trade Accounts Receivable, net                      HTML     29K 
53: R10         Inventories                                         HTML     24K 
44: R11         Prepayments and Other Receivables                   HTML     22K 
43: R12         Property, Plant and Equipment, net                  HTML     39K 
48: R13         Short-term Bank Loans                               HTML     23K 
49: R14         Long-term Bank Loans                                HTML     21K 
47: R15         Other Long-Term Loan                                HTML     17K 
50: R16         Deferred Revenue                                    HTML     19K 
39: R17         Other Long-term payables                            HTML     18K 
41: R18         Share-based Compensation                            HTML    129K 
46: R19         Net Loss per Share                                  HTML     21K 
55: R20         Fair Value of Financial Instruments                 HTML     31K 
51: R21         Commitments and Contingencies                       HTML     45K 
35: R22         Significant Concentrations                          HTML     27K 
45: R23         Segment Information                                 HTML     47K 
36: R24         Subsequent Events                                   HTML     17K 
54: XML         IDEA XML File -- Filing Summary                      XML     54K 
31: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    354K 
23: EX-101.INS  XBRL Instance -- cbak-20120331                       XML    487K 
25: EX-101.CAL  XBRL Calculations -- cbak-20120331_cal               XML    124K 
26: EX-101.DEF  XBRL Definitions -- cbak-20120331_def                XML    423K 
27: EX-101.LAB  XBRL Labels -- cbak-20120331_lab                     XML    462K 
28: EX-101.PRE  XBRL Presentations -- cbak-20120331_pre              XML    464K 
24: EX-101.SCH  XBRL Schema -- cbak-20120331                         XSD     73K 
29: ZIP         XBRL Zipped Folder -- 0001204459-12-001016-xbrl      Zip     69K

‘EX-101.INS’ — XBRL Instance — cbak-20120331

This Exhibit is an XBRL XML File.

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 1. </td> <td align="left" height="9" width="92%"> Principal Activities, Basis of Presentation and Organization </td> </tr> </table> Principal Activities China BAK Battery, Inc. (“China BAK”) is a corporation formed in the State of Nevada on October 4, 1999 as Medina Copy, Inc. The Company changed its name to Medina Coffee, Inc. on October 6, 1999 and subsequently changed its name to China BAK Battery, Inc. on February 14, 2005. China BAK and its subsidiaries (hereinafter, collectively referred to as the “Company”) are principally engaged in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion (known as "Li-ion" or "Li-ion cell") rechargeable batteries for use in cellular telephones, as well as various other portable electronic applications, including high-power handset telephones, laptop computers, power tools, digital cameras, video camcorders, MP3 players, electric bicycles, hybrid/electric motors, and general industrial applications. The shares of the Company traded in the over-the-counter market through the Over-the-Counter Bulletin Board from 2005 until May 31, 2006, when the Company obtained approval to list its common stock on The NASDAQ Global Market, and trading commenced that same date under the symbol "CBAK". Basis of Presentation and Organization As of March 31, 2012, the Company’s subsidiaries consisted of: i) BAK International Limited (“BAK International”), a wholly owned limited liability company incorporated in Hong Kong on December 29, 2003 as BATCO International Limited, which changed its name to BAK International Limited on November 3, 2004; ii) Shenzhen BAK Battery Co., Ltd. (“Shenzhen BAK”), a wholly owned limited liability company established on August 3, 2001 in the People’s Republic of China (“PRC”); iii) BAK Electronics (Shenzhen) Co., Ltd. (“BAK Electronics”), a wholly owned limited liability company established on August 15, 2005 in the PRC; iv) BAK International (Tianjin) Ltd. (“BAK Tianjin”), a wholly owned limited liability company established on December 12, 2006 in the PRC; v) BAK Battery Canada Ltd. (“BAK Canada”), a wholly owned limited liability company established on December 20, 2006 in Canada as BAK Canada Battery Ltd., which changed its name to BAK Battery Canada Ltd. on December 22, 2006; vi) BAK Europe GmbH (“BAK Europe”), a wholly owned limited liability company established in Germany on November 28, 2007; vii) BAK Telecom India Private Limited (“BAK India”), a wholly owned limited liability company established in India on August 14, 2008; and viii) Tianjin Meicai New Materials Technology Co., Ltd. (“Tianjin Meicai”), a wholly owned limited liability company established on February 22, 2011 in the PRC. As of March 31, 2012, BAK International beneficially owns 100% of BAK India partly through a nominee agreement with one of its employees. BAK Tianjin was established in Tianjin Technology Industrial District on December 12, 2006 as a wholly owned subsidiary of BAK International with registered capital of US$99,990,000. Pursuant to BAK Tianjin’s articles of association and relevant PRC regulations, BAK International was required to contribute US$20,000,000 to BAK Tianjin as capital (representing 20% of BAK Tianjin’s registered capital) before March 11, 2007. An extension from the Business Administration Bureau of Beichen District, Tianjin, was obtained to make this contribution no later than December 11, 2007. On November 16, 2007, BAK International contributed approximately US$20,000,000 capital to BAK Tianjin. The remaining US$79,990,000 was originally required to be fully contributed no later than December 11, 2008 and an extension from the Business Administration Bureau of Beichen District, Tianjin, was obtained to make this contribution no later than December 11, 2009. On November 16, 2009, BAK International contributed approximately US$9,000,000 capital to BAK Tianjin and as of November 16, 2009, the total contribution from BAK International was US$29,000,000. The remaining US$70,990,000 was originally required to be fully contributed no later than December 11, 2009 and an extension from the Business Administration Bureau of Beichen District, Tianjin, was obtained to make this contribution no later than December 2012. In August 2011, BAK International contributed approximately US$21,000,000 capital to BAK Tianjin and as of March 31, 2012, the total contribution from BAK International was US$50,000,000. BAK Tianjin is principally engaged in the manufacture of larger lithium ion batteries for use in cordless power tools and various types of vehicles. On November 6, 2004, BAK International, a non-operating holding company that had substantially the same shareholders as Shenzhen BAK, entered into a share swap transaction with the shareholders of Shenzhen BAK for the purpose of the subsequent reverse acquisition of the Company as described below. Pursuant to the terms of the share swap transaction, BAK International acquired all of the outstanding shares of Shenzhen BAK for US$11.5 million in cash, while the shareholders of Shenzhen BAK acquired substantially all of the outstanding shares of BAK International for US$11.5 million in cash. As a result, Shenzhen BAK became a wholly-owned subsidiary of BAK International. After the share swap transaction was completed, there were 31,225,642 shares of BAK International stock outstanding, exactly the same as the number of shares of capital stock of Shenzhen BAK that had been outstanding immediately prior to the share swap, and the shareholders of BAK International were substantially the same as the shareholders of Shenzhen BAK prior to the share swap. Consequently, the share swap transaction between BAK International and the shareholders of Shenzhen BAK was accounted for as a reverse acquisition of Shenzhen BAK with no adjustment to the historical basis of the assets and liabilities of Shenzhen BAK. On January 20, 2005, the Company completed a share swap transaction with the shareholders of BAK International. The share swap transaction, also referred to as the “reverse acquisition” of the Company, was consummated under Nevada law pursuant to the terms of a Securities Exchange Agreement entered by and among China BAK, BAK International and the shareholders of BAK International on January 20, 2005. Pursuant to the Securities Exchange Agreement, the Company issued 39,826,075 shares of common stock, par value US$0.001 per share, to the shareholders of BAK International (including 31,225,642 shares to the original shareholders and 8,600,433 shares to new investors who had purchased shares in the private placement described below), representing approximately 97.2% of the Company’s post-exchange issued and outstanding common stock, in exchange for 100% of the outstanding capital stock of BAK International. The share swap transaction has been accounted for as a capital-raising transaction of the Company whereby the historical financial statements and operations of Shenzhen BAK are consolidated using historical carrying amounts. The 1,152,458 shares of China BAK outstanding prior to the stock exchange transaction were accounted for at the net book value at the time of the transaction, which was a deficit of US$1,672. Also on January 20, 2005, immediately prior to consummating the share swap transaction, BAK International executed a private placement of its common stock with unrelated investors whereby it issued an aggregate of 8,600,433 shares of common stock for gross proceeds of US$17,000,000. In conjunction with this financing, Mr. Xiangqian Li, the Chairman and Chief Executive Officer of the Company, agreed to place 2,179,550 shares of the Company’s common stock owned by him into an escrow account pursuant to an Escrow Agreement dated January 20, 2005 (the “Escrow Agreement”). Pursuant to the Escrow Agreement, 50% of the escrowed shares were to be released to the investors in the private placement if audited net income of the Company for the fiscal year ended September 30, <a name="page_19"/> 2005 was not at least US$12,000,000, and the remaining 50% were to be released to investors in the private placement if audited net income of the Company for the fiscal year ended September 30, 2006 was not at least US$27,000,000. If the audited net income of the Company for the fiscal years ended September 30, 2005 and 2006 reached the above-mentioned targets, the 2,179,550 shares would be released to Mr. Xiangqian Li in the amount of 50% upon reaching the 2005 target and the remaining 50% upon reaching the 2006 target. Under accounting principles generally accepted in the United States of America (“US GAAP”), escrow agreements such as the one established by Mr. Xiangqian Li generally constitute compensation if, following attainment of a performance threshold, shares are returned to a company officer. The Company determined that without consideration of the compensation charge, the performance thresholds for the year ended September 30, 2005 would be achieved. However, after consideration of a related compensation charge, the Company determined that such thresholds would not have been achieved. The Company also determined that, even without consideration of a compensation charge, the performance thresholds for the year ended September 30, 2006 would not be achieved. No compensation charge was recorded by the Company for the years ended September 30, 2005 and 2006. While the 1,089,775 escrow shares relating to the 2005 performance threshold were previously released to Mr. Xiangqian Li, Mr. Xiangqian Li executed a further undertaking on August 21, 2006 to return those shares to the escrow agent for the distribution to the relevant investors. However, such shares were not returned to the escrow agent, but, pursuant to a Delivery of Make Good Shares, Settlement and Release Agreement between the Company, BAK International and Mr. Li entered into on October 22, 2007 (the “Li Settlement Agreement”), such shares were ultimately delivered to the Company as described below. Because the Company failed to satisfy the performance threshold for the fiscal year ended September 30, 2006, the remaining 1,089,775 escrow shares relating to the fiscal year 2006 performance threshold were released to the relevant investors. As Mr. Li has not retained any of the shares placed into escrow, and as the investors party to the Escrow Agreement are only shareholders of the Company and do not have and are not expected to have any other relationship to the Company, the Company has not recorded a compensation charge for the years ended September 30, 2005 and 2006. At the time the escrow shares relating to the 2006 performance threshold were transferred to the investors in fiscal year 2007, the Company should have recognized a credit to donated shares and a debit to additional paid-in capital, both of which are elements of shareholders’ equity. This entry is not material because total ordinary shares issued and outstanding, total shareholders’ equity and total assets do not change; nor is there any impact on income or earnings per share. Therefore, previously filed consolidated financial statements for the fiscal year ended September 30, 2007 will not be restated. This share transfer has been reflected in these financial statements by reclassifying the balances of certain items as of October 1, 2007. The balances of donated shares and additional paid-in capital as of October 1, 2007 were credited and debited by US$7,955,358 respectively. In November 2007, Mr. Xiangqian Li delivered the 1,089,775 shares related to the 2005 performance threshold to BAK International pursuant to the Li Settlement Agreement; BAK International in turn delivered the shares to the Company. Such shares (other than those issued to investors pursuant to the 2008 Settlement Agreements, as described below) are now held by the Company. Upon receipt of these shares, the Company and BAK International released all claims and causes of action against Mr. Xiangqian Li regarding the shares, and Mr. Xiangqian Li released all claims and causes of action against the Company and BAK International regarding the shares. Under the terms of the Li Settlement Agreement, the Company commenced negotiations with the investors who participated in the Company’s January 2005 private placement in order to achieve a complete settlement of BAK International’s obligations (and the Company’s obligations to the extent it has any) under the applicable agreements with such investors. Beginning on March 13, 2008, the Company has entered into settlement agreements (the “2008 Settlement Agreements”) with certain investors in the January 2005 private placement. Pursuant to the 2008 Settlement Agreements, the Company and the settling investors have agreed, without any admission of liability, to a settlement and mutual release from all claims relating to the January 2005 private placement, including all claims relating to the escrow shares related to the 2005 performance threshold that had been placed into escrow by Mr. Xiangqian Li, as well as all claims, including claims for liquidated damages relating to registration rights granted in connection with the January 2005 private placement. Under the 2008 Settlement Agreement, the Company has made settlement payments to each of the settling investors of the number of shares of the Company’s common stock equivalent to 50% of the number of the escrow shares related to the 2005 performance threshold these investors had claimed; aggregate settlement payments as of March 31, 2012 amounted to 368,745 shares. Share payments to date have been made in reliance upon the exemptions from registration provided by Section 4(2) and/or other applicable provisions of the Securities Act of 1933, as amended. In accordance with the 2008 Settlement Agreements, the Company filed a registration statement covering the resale of such shares which was declared effective by the SEC on June 26, 2008. The Company’s condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The interim results of operations are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2012. The Company’s consolidated balance sheet as of September 30, 2011 has been taken from the Company’s audited consolidated balance sheet as of that date. All other financial statements contained herein are unaudited and, in the opinion of management, contain all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. The Company’s accounting policies and certain other disclosure are set forth in the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2011. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. This basis of accounting differs in certain material respects from that used for the preparation of the books of account of the Company’s principal subsidiaries, which are prepared in accordance with the accounting principles and the relevant financial regulations applicable to enterprises with limited liabilities established in the PRC, Hong Kong, India, Canada or Germany, the accounting standards used in the places of their domicile. The accompanying condensed interim consolidated financial statements reflect necessary adjustments not recorded in the books of account of the Company’s subsidiaries to present them in conformity with US GAAP. The Company has a working capital deficiency, accumulated deficit from recurring net losses incurred for the current and prior periods and significant short-term debt obligations maturing in less than one year as of September 30, 2011 and March 31, 2012. These factors raise substantial doubts about the Company’s ability to continue as a going concern. The Company has continued to develop a strategic plan to generate a positive cash flow from operating activities for the fiscal year ending September 30, 2012 and 2013 (the “FY2012&2013 Turnaround Plan”). Under the FY2012&2013 Turnaround Plan, the Company will continue to increase the presence in OEM market both domestically and internationally with more aggressive marketing strategies to expand market share while securing the existing customer base. The Company will also continue implementing cost reductions on both manufacturing costs and operating expenses to improve profit margins as well as reduce receivable turnover days through stronger credit controls. The accompanying condensed interim consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The interim consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability <a name="page_23"/> and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty related to the Company’s ability to continue as a going concern. <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-color: black; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td> Recently Issued Accounting Standards </td> </tr> <tr> <td> </td> </tr> <tr> <td> In April 2011, the FASB issued ASU 2011-03, “Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements”. The amendments in this ASU update remove from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms, even in the event of default by the transferee, and (2) the collateral maintance implementation guidance related to that criterion. The guidance in this ASU update is effective for the first interim or annual period beginning on or after December 15, 2011. The guidance should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2011-03 on its financial statements. </td> </tr> <tr> <td> </td> </tr> <tr> <td> In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The FASB and the International Accounting Standard Board (IASB) works together to ensure that fair value has the same meaning in U.S. GAAP and IFRSs and that their respective fair value measurement and disclosure requirements are the same (except for minor differences in wording and style). The Boards concluded that the amendments in this ASU update will improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. The amendments in this ASU update explain how to measure fair value. They do not require additional fair value measurements and are not intended to establish valuation standards or affect valuation practices outside of financial reporting. The amendments in this ASU update are to be applied prospectively. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. Early application by public entities is not permitted. The adoption of ASU 2011-04 has no material impact on the Company’s financial statements. </td> </tr> </table> In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income”. In this ASU updated, the entity has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. This Update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The amendments in this ASU update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. In December 2011, ASU 2011-12 “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” was issued. The amendments in this Update supersede certain pending paragraphs in Accounting Standards Update No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, to effectively defer only those changes in Update 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The amendments will be temporary to allow the Board time to redeliberate the presentation requirements for reclassifications out of accumulated other comprehensive income for annual and interim financial statements for public, private, and non-profit entities. The amendments in this ASU update are to be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. Early application by public entities is permitted. The Company is currently evaluating the impact of the adoption of ASU 2011-05 on its financial statements. In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (December 2011)”. This amendment is to provide enhanced disclosures that will enable users of its financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. This includes the effect or potential effect of rights of setoff associated with an entity’s recognized assets and recognized liabilities within the scope of this Update. The amendments require enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in accordance with either Section 210-20-45 or Section 815-10-45. The amendments in this ASU update are to be applied retrospectively. This amendments is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosure required for all comparative periods presented. The Company is currently evaluating the impact of the adoption of ASU 2011-11 on its financial statements.

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 5 </td> <td align="left" width="92%"> Prepayments and Other Receivables </td> </tr> </table> Prepayments and other receivables as of September 30, 2011 and March 31, 2012 consisted of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Prepayments for raw materials and others</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 1,271,520 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 1,954,398 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Other receivables</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 4,665,485 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 10,979,528 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Less: Allowance for doubtful accounts</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (694,587 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,263,962 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 5,242,418 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 11,669,964 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="92%"> </td> </tr> </table>

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 6 </td> <td align="left" width="92%"> Property, Plant and Equipment, net </td> </tr> </table> Property, plant and equipment as of September 30, 2011 and March 31, 2012 consisted of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Buildings</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 127,025,347 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 129,771,228 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr> <td align="left">Machinery and equipment</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 159,355,671 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 166,862,662 </td> <td align="left" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,519,208 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 2,577,421 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr> <td align="left">Motor vehicles</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,453,456 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,460,843 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 290,353,682 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 300,672,154 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr> <td align="left">Accumulated depreciation</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (80,673,667 </td> <td align="left" width="2%">)</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> (91,699,519 </td> <td align="left" width="2%">)</td> </tr> <tr> <td align="left" bgcolor="#e6efff">Construction in progress</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 45,305,701 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 45,489,683 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr> <td align="left">Prepayment for acquisition of property, plant and equipment</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,466,207 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 2,275,061 </td> <td align="left" width="2%"> </td> </tr> <tr> <td align="left" bgcolor="#e6efff">Assets held for abandonment</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 744,356 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 767,303 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td align="left">Net book value</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 257,196,279 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 257,504,682 </td> <td align="left" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff">Impairment charge</td> <td bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> (13,958,165 </td> <td bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%">)</td> <td bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> (16,887,157 </td> <td bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="2%">)</td> </tr> <tr> <td>Carried amount</td> <td style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 243,238,114 </td> <td style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 240,617,525 </td> <td style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td valign="top" width="5%"> (i) </td> <td> Depreciation expense for the six months ended March 31, 2011 and 2012 is included in the condensed interim consolidated statements of operations and comprehensive loss as follows: </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="4" style="border-bottom: 1px solid rgb(0, 0, 0);" width="27%"> Six months ended March 31, </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Cost of revenues</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 6,743,209 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,411,674 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Research and development expenses</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 208,154 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 289,785 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Sales and marketing expenses</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 243,916 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 86,861 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">General and administrative expenses</td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> 1,292,048 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> 1,639,477 </td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 8,487,327 </td> <td align="left" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 9,427,797 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="5%"> (ii) </td> <td> Construction in Progress </td> </tr> </table> Construction in progress mainly comprises capital expenditures for construction of the Company’s new corporate campus, including offices and factories. For the six months ended March 31, 2011 and 2012, the Company capitalized interest of US$240,449 and US$770,353 respectively to the cost of construction in progress. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="5%"> (iii) </td> <td> Pledged Property, Plant and Equipment </td> </tr> </table> As of September 30, 2011 and March 31, 2012, machinery and equipment with net book value of US$56,376,435 and US$51,180,603 of the Company were pledged as collateral under certain loan arrangements (see Notes 7). <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="5%"> (iv) </td> <td> Assets held for abandonment </td> </tr> </table> Assets held for abandonment as of September 30, 2011 and March 31, 2012 consisted of the following: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="center" valign="bottom" width="12%"> September 30, </td> <td align="center" valign="bottom" width="2%"> </td> <td align="center" valign="bottom" width="1%"> </td> <td align="center" valign="bottom" width="12%"> March 31, </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom" width="12%"> 2011 </td> <td align="center" valign="bottom" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Net book value</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 744,356 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 767,303 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" valign="bottom">Less: impairment charge</td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" valign="bottom" width="1%"> </td> <td align="right" style="border-bottom-style: solid; border-bottom-width: 1px;" valign="bottom" width="12%"> (744,356 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" valign="bottom" width="2%">)</td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" valign="bottom" width="1%"> </td> <td align="right" style="border-bottom-style: solid; border-bottom-width: 1px;" valign="bottom" width="12%"> (767,303 </td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" valign="bottom">Carried amount</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" valign="bottom" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" valign="bottom" width="2%"> </td> </tr> </table> The carried amount as of September 30, 2011 and March 31, 2012 composed of the machinery and equipment relating to steel-case cell production line and certain used assets which have been written down to nil. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%"> </td> <td valign="top" width="5%"> (v) </td> <td> Impairment Charge </td> </tr> </table> During the course of the Company’s strategic review of its operations, the Company assessed the recoverability of the carrying value of certain property, plant and equipment which resulted in impairment losses of approximately US$2.7 million for the six months period ended March 31, 2012. No impairment charged for the six months period ended March 31, 2011.

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 7 </td> <td align="left" width="92%"> Short-term Bank Loans </td> </tr> </table> The Company obtained several short-term loan facilities from financial institutions in the PRC. These facilities were secured by the Company’s assets with the following carrying values: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="11%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="11%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="11%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="11%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Inventories (Note 4)</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="11%"> 23,495,137 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="11%"> 23,824,651 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Machinery and equipment, net (Note 6)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="11%"> 25,333,574 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="11%"> 51,180,603 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="11%"> 48,828,711 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="11%"> 75,005,254 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> As of September 30, 2011 and March 31, 2012, the Company had several short-term bank loans with aggregate outstanding balances of US$139,706,153 and US$140,883,100, respectively. The loans were primarily obtained for general working capital, carried interest rates ranging from 6.31% to 8.53% per annum, and had maturity dates ranging from 6 to 12 months. Each loan is guaranteed by Mr. Xiangqian Li, who did not receive any compensation for acting as guarantor. As of March 31, 2012, the Company had pledged the land use rights certificate in relation to the land on which Shenzhen BAK’s corporate campus had been constructed for short-term bank loans amounting to US$63,532,402 borrowed from Shenzhen Eastern Branch, Agricultural Bank of China. As of March 31, 2012, the aggregate net book value of the buildings and land use rights in relation to the land use rights certificate was US$127,316,594.

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 8 </td> <td align="left" width="92%"> Long-term Bank Loans </td> </tr> </table> As of September 30, 2011 and March 31, 2012, the Company had long-term bank loans of US$38,470,278 and US$23,617,757, respectively. As of March 31, 2012, US$23,617,757 was borrowed under a four-year long-term loan credit facility from China Development Bank, bearing interest at the benchmark rate of the People’s Bank of China (“PBOC”) for three-year to five-year long-term loans, which is currently 7.04% per annum. This long-term bank loan is repayable from February 9, 2016 to December 8, 2016. The long-term bank loan with China Development Bank is: (i) guaranteed by Mr. Xiangqian Li; (ii) secured by certain shares of the Company owned by Mr. Xiangqian Li; and (iii) to be secured by the property ownership and land use rights certificate relating to the land on which the Company’s Research and Development Test Centre is to be constructed and the facilities to be constructed thereon. On April 7, 2010, the pledge of the land use rights certificate to China Development Bank was approved by the relevant government bureau. On April 20, 2010, the relevant land use rights certificate was pledged to China Development Bank. Mr. Xiangqian Li did not receive any compensation for pledging his shares in the Company or acting as guarantor for the above long-term bank loans. The aggregate maturities of long-term bank loans as of March 31, 2012 are as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#E6EFFF">Fiscal years ending on March 31, 2013 or after</td> <td align="left" bgcolor="#E6EFFF" width="2%"> </td> <td align="left" bgcolor="#E6EFFF" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#E6EFFF" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 23,617,757 </td> <td align="left" bgcolor="#E6EFFF" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="92%"> </td> </tr> </table>

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<cbak:OtherLongTermLoanTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 9 </td> <td align="left" width="92%"> Other Long-term Loan </td> </tr> </table> As of March 31, 2012, the Company obtained interest-free advances of US$2,491,773 from Tianjin Aifuyi Auto Parts. Co. Ltd..

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<us-gaap:DeferredRevenueDisclosureTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 10 </td> <td align="left" width="92%"> Deferred Revenue </td> </tr> </table> Deferred revenue represents a government grant of subsidy for additional cost of land use rights relating to BAK Industrial Park, which is amortized on a straight-line basis over the estimated useful lives of the depreciable facilities constructed thereon of 35 years.

</us-gaap:DeferredRevenueDisclosureTextBlock>

<us-gaap:OtherLiabilitiesDisclosureTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 11 </td> <td align="left" width="92%"> Other Long-term Payables </td> </tr> </table> Other long-term payables as of March 31, 2012 include a government subsidy of approximately US$7,900,000 received for the Company’s automated high-power lithium battery project from the National Development and Reform Commission and the Ministry of Industry and Information Technology as well as government subsidy of approximately US$3,281,000 received for the Company’s various research and development projects.

</us-gaap:OtherLiabilitiesDisclosureTextBlock>

<us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> 12 </td> <td colspan="2" width="95%"> Share-based Compensation </td> </tr> <tr> <td width="5%"> </td> <td width="5%"> </td> <td width="90%"> </td> </tr> <tr> <td width="5%"> </td> <td width="5%"> (i) </td> <td width="90%"> Options </td> </tr> </table> The Company grants share options to officers and employees and restricted shares of common stock to its non-employee directors as rewards for their services. Stock Option Plan In May 2005, the Board of Directors adopted the China BAK Battery, Inc. 2005 Stock Option Plan (the “Plan”). The Plan originally authorized the issuance of up to 4,000,000 shares of the Company’s common stock, pursuant to stock options granted under the Plan, or as grants of restricted stock. The exercise price of options granted pursuant to the Plan must be at least equal to the fair market value of the Company’s common stock at the date of the grant. Fair market value is determined at the discretion of the designated committee on the basis of reported sales prices for the Company’s common stock over a ten business day period ending on the grant date. The Plan will terminate on May 16, 2055. On July 28, 2008, the Company’s stockholders approved certain amendments to the Plan, including an amendment increasing the total number of shares available for issuance under the Plan to 8,000,000. Pursuant to the Plan, the Company granted options to purchase 2,000,000 shares of common stock with an exercise price of US$6.25 per share on May 16, 2005. In accordance with the vesting provisions of the grants, the options became vested and exercisable under the following schedule: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="center" width="5%"> </td> <td align="center" width="29%">Percentage of</td> <td align="center" width="5%"> </td> <td align="center" width="29%">Initial</td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);">Number of Shares</td> <td align="center" width="5%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="29%">Options Issued</td> <td align="center" width="5%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="29%">Vesting Date</td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff"> 800,000 </td> <td align="center" bgcolor="#e6efff" width="5%"> </td> <td align="center" bgcolor="#e6efff" width="29%"> 40% </td> <td align="center" bgcolor="#e6efff" width="5%"> </td> <td align="center" bgcolor="#e6efff" width="29%">July 1, 2007</td> </tr> <tr valign="top"> <td align="center"> 600,000 </td> <td align="center" width="5%"> </td> <td align="center" width="29%"> 30% </td> <td align="center" width="5%"> </td> <td align="center" width="29%">January 1, 2008</td> </tr> <tr valign="top"> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);"> 600,000 </td> <td align="center" bgcolor="#e6efff" width="5%"> </td> <td align="center" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="29%"> 30% </td> <td align="center" bgcolor="#e6efff" width="5%"> </td> <td align="center" bgcolor="#e6efff" width="29%">July 1, 2008</td> </tr> <tr valign="top"> <td align="center" style="border-bottom: 3px double rgb(0, 0, 0);"> 2,000,000 </td> <td align="center" width="5%"> </td> <td align="center" style="border-bottom: 3px double rgb(0, 0, 0);" width="29%"> 100% </td> <td align="left" width="5%"> </td> <td align="left" width="29%"> </td> </tr> </table> Subsequent to the grant date, options to purchase 200,000 shares of common stock were forfeited because the optionees terminated their employment with the Company. In addition, on September 28, 2006, options to purchase a total of 1,400,000 shares of common stock were cancelled pursuant to the Termination and Release Agreements signed on that day. Pursuant to the Plan, the Company also granted options to purchase 1,501,500 shares of the Company’s common stock with a weighted-average exercise price of US$3.28 per share on June 25, 2007. In accordance with the vesting provisions of the grants, the options will become vested and exercisable during the period from March 31, 2007 to February 9, 2012 according to each employee’s respective agreement. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="center" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average exercise</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="center" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">price per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">contractual term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 605,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 3.29 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 605,500 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 3.29 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1.2 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 605,500 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 3.29 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 0.3 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted-average grant-date fair value of options granted during 2007 was US$2.15 per share. The Company recorded non-cash share-based compensation expense of US$49,224 for the six months ended March 31, 2011, in respect of share options granted on June 25, 2007, which was allocated to cost of revenues, sales and marketing expenses, general and administrative expenses and research and development expenses respectively. No non-cash share-based compensation expense was recorded for the six months ended March 31, 2012. The fair value of the above option awards granted on June 25, 2007 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="right" bgcolor="#e6efff" width="15%"> 69.44% </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="right" width="15%"> nil </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected life</td> <td align="right" bgcolor="#e6efff" width="15%"> 4 - 10 years </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="right" width="15%"> 5.09% </td> </tr> </table> As of March 31, 2012, there were no unrecognized compensation costs related to non-vested share options. Pursuant to the Plan, the Company also granted options to purchase 360,000 shares of common stock with an exercise price of US$4.30 per share on January 28, 2008. In accordance with the vesting provisions of the grants, the options will become vested and exercisable during the period from April 28, 2008 to January 28, 2011 according to each employee’s respective agreement. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" nowrap="nowrap" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average exercise</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" nowrap="nowrap" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">price per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">contractual term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 360,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 4.30 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 360,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.30 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 0.8 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 360,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.30 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 0.8 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on January 28, 2008 was US$3.59 per share. The Company recorded non-cash share-based compensation expense of US$14,812 for the six months ended March 31, 2011, in respect of share options granted on January 28, 2008, which was allocated to general and administrative expenses and research and development expenses respectively. No non-cash share-based compensation expense was recorded for the six months ended March 31, 2012. The fair value of the above option awards granted on January 28, 2008 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="right" bgcolor="#e6efff" width="15%"> 120.23% </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="right" width="15%"> nil </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected life</td> <td align="right" bgcolor="#e6efff" width="15%"> 5 years </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="right" width="15%"> 3.59% </td> </tr> </table> As of March 31, 2012, there were no unrecognized compensation costs related to non-vested share options. On May 29, 2008, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 1,080,000 shares of the Company’s common stock to Mr. Xiangqian Li and options to purchase 170,000 shares to five other employees, with an exercise price of US$4.18 per share. In accordance with the vesting provisions of the grants, the options will become vested and exercisable during the period from September 30, 2008 to May 29, 2012 according to each employee’s respective agreement. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">exercise price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">contractual</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1,250,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 4.18 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1,250,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.18 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1.6 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 980,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.18 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 0.34 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on May 29, 2008 was US$2.36 per share. The Company recorded non-cash share-based compensation expense of US$121,198 and US$12,548 for the six months ended March 31, 2011 and 2012 respectively, in respect of share options granted on May 29, 2008, which was allocated to general and administrative expenses and research and development expenses respectively. The fair value of the above option awards granted on May 29, 2008 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="right" bgcolor="#e6efff" width="15%"> 59.48% </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="right" width="15%"> nil </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected life</td> <td align="right" bgcolor="#e6efff" width="15%"> 5 years </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="right" width="15%"> 4.01% </td> </tr> </table> As of March 31, 2012, there were unrecognized compensation costs of US$3,976 related to the above non-vested share options. These costs are expected to be recognized over a weighted average period of 0.1 year. On June 22, 2009, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 1,928,200 shares of the Company’s common stock to certain key employees, officers and consultants with an exercise price of US$2.81 per share. In accordance with the vesting provisions of the grants, the options will become vested and exercisable over five years in twenty equal quarterly installments on the first day of each fiscal quarter beginning on October 1, 2009. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">exercise price</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">contractual</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 1,643,355 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 2.81 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1,643,355 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2.81 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.1 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 757,440 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2.81 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 4.1 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on June 22, 2009 was US$2.46 per share. The Company recorded non-cash share-based compensation expense of US$519,752 and of US$295,926 for the six months ended March 31, 2011 and 2012, respectively, in respect of share options granted on June 22, 2009, which was allocated to general and administrative expenses and research and development expenses respectively. The fair value of the above option awards granted on June 22, 2009 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="right" bgcolor="#e6efff" width="15%"> 111.03% </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="right" width="15%"> nil </td> </tr> <tr valign="top"> <td align="left" bgcolor="#E6EFFF">Expected life</td> <td align="right" bgcolor="#E6EFFF" width="15%"> 7 years </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="right" width="15%"> 3.69% </td> </tr> </table> As of March 31, 2012, there were unrecognized compensation costs of US$545,286 related to the above non-vested share options. These costs are expected to be recognized over a weighted average period of 0.9 year. On June 26, 2009, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 75,000 shares of the Company’s common stock to certain key management with an exercise price of US$3.24 per share. In accordance with the vesting provisions of the grants, the options will become vested and exercisable over five years in twenty equal quarterly installments on the first day of each fiscal quarter beginning on October 1, 2009. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average exercise</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">price per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">contractual term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="10%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 75,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 3.24 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> - </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 75,000 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 3.24 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 4.1 years </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-left-style: none; border-left-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 30,000 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 3.24 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="10%"> 4.1 years </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-left-style: none; border-left-width: medium;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on June 26, 2009 was US$2.86 per share. The Company recorded non-cash share-based compensation expense of US$25,716 and US$15,136 for the six months ended March 31, 2011 and 2012, respectively, in respect of share options granted on June 26, 2009, which was allocated to research and development expenses. The fair value of the above option awards granted on June 26, 2009 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="right" bgcolor="#e6efff" width="15%"> 113.58% </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="right" width="15%"> nil </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected life</td> <td align="right" bgcolor="#e6efff" width="15%"> 7 years </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="right" width="15%"> 3.51% </td> </tr> </table> As of March 31, 2012, there were unrecognized compensation costs of US$32,420 related to the above non-vested share options. These costs are expected to be recognized over a weighted average period of 0.7 year. On April 8, 2010, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 100,000 shares of the Company’s common stock to certain key management with an exercise price of US$2.43 per share. In accordance with the vesting provisions of the grants, the options will become vested and exercisable in eight equal installments beginning on each quarter after September 30, 2011. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average exercise</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">price per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">contractual term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 100,000 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 2.43 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 100,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2.43 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 5.4 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 25,000 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 2.43 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 5.4 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on April 8, 2010 was US$1.41 per share. The Company recorded non-cash share-based compensation expense of US$26,926 and US$20,941 for the three months ended March 31, 2011 and 2012 in respect of share options granted on April 8, 2010 which was allocated to research and development expense. The fair value of the above option awards granted on April 8, 2010 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected volatility</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 51.79% </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Expected dividends</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> nil </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Expected life</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 7.5 years </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Risk-free interest rate</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 3.90% </td> <td align="left" width="2%"> </td> </tr> </table> As of March 31, 2012, there were unrecognized compensation costs of US$23,207 related to the above non-vested share options. These costs are expected to be recognized over a weighted average period of 1.2 years. On May 26, 2011, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of options to purchase 160,800 shares of the Company’s common stock to certain key management with an exercise price of US$1.28 per share. In accordance with the vesting provisions of the grants, the options will become vested and exercisable in twelve equal installments beginning on each quarter after September 30, 2011. A summary of share option plan activity for these options during the six months ended March 31, 2012 is presented below: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Weighted average</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Aggregate</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">Number of</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">average exercise</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">remaining</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="10%">intrinsic</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">shares</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">price per share</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">contractual term</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%">value (1)</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Outstanding as of October 1, 2011</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> 160,800 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="10%"> 1.28 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="10%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercised</td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="left" width="10%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Forfeited</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="10%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="10%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Cancelled</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="10%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="10%"> </td> <td bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Outstanding as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 160,800 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1.28 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 5.0 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="10%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Exercisable as of March 31, 2012</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 40,200 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 1.28 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> 5.0 years </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="10%"> - </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> (1) Aggregate intrinsic value represents the value of the Company’s closing stock price on March 31, 2012 (US$1.03) in excess of the exercise price multiplied by the number of options outstanding or exercisable. The weighted average grant-date fair value of options granted on May 26, 2011 was US$0.65 per share. No non-cash share-based compensation expense was recorded for the six months ended March 31, 2011. The Company recorded non-cash share-based compensation expense of US$29,882 for the three months ended March 31, 2012 in respect of share options granted on May 26, 2011, which was allocated to general and administrative expenses. The fair value of the above option awards granted on May 26, 2011 was estimated on the date of grant using the Black-Scholes Option Valuation Model that uses the following assumptions. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;">Expected volatility</td> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="12%"> 50.90% </td> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium;">Expected dividends</td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="12%"> nil </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;">Expected life</td> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="12%"> 6.0 years </td> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-top-style: none; border-top-width: medium;">Risk-free interest rate</td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="12%"> 3.06% </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> </table> As of March 31, 2012, there were unrecognized compensation costs of US$43,386 related to the above non-vested share options. These costs are expected to be recognized over a weighted average period of 2.1 years. <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-color: black; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td> </td> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td width="5%"> (ii) </td> <td> Restricted Shares </td> </tr> </table> Pursuant to the Plan and in accordance with the China BAK Battery, Inc. Compensation Plan for Non-Employee Directors, the Company granted 5,000 restricted shares to each of the existing elected independent directors with a fair value of US$1.68 per share on July 1, 2010. The eligible directors shall vest in their rights under the restricted shares according to the following schedule: <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-color: black; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">(i)</td> <td> 25% of the restricted shares granted will immediately vest on the grant date; and </td> </tr> <tr> <td> </td> <td> </td> </tr> <tr> <td valign="top" width="5%">(ii)</td> <td> The remaining 75% of the restricted shares will vest in three equal quarterly installments on the last day of each subsequent quarter or in three equal quarterly installments on the last day of each calendar quarter beginning on the last day of the first full calendar quarter after the grant date. </td> </tr> </table> The Company recorded non-cash share-based compensation expense of US$6,854 for the nine months ended March 31, 2010, in respect of the restricted shares granted in July 1, 2010, which was allocated to general and administrative expenses. The first and second 25% of the restricted shares were already issued as fully paid shares of common stock to the Company’s three independent directors on August 4, 2010 and October 6, 2010. According to the resolution of Compensation Committee on December 28, 2010, the third and forth 25% of the restricted shares were cancelled. As of March 31, 2012, there were no unrecognized compensation costs associated with these restricted shares granted to non-employee directors. Pursuant to the Plan, the Compensation Committee of the Company’s Board of Directors recommended and approved the grant of 500,000 restricted shares to Chief Executive Officer, Mr. Xiangqian Li with a fair value of US$2.81 per share on June 22, 2009. In accordance with the vesting schedule of the grant, the restricted shares will vest in twenty equal quarterly installments on the first day of each fiscal quarter beginning on October 1, 2009. The Company recorded non-cash share-based compensation expense of US$169,853 and of US$100,298 for the six months ended March 31, 2011 and 2012 respectively in respect of the restricted shares granted on June 22, 2009, which was allocated to general and administrative expenses. As of March 31, 2012, there were unrecognized stock-based compensation costs of US$189,922 associated with these restricted shares granted to Mr. Xiangqian Li. These costs are expected to be recognized over a weighted-average period of 1.7 years. As the Company itself is an investment holding company which is not expected to generate operating profits to realize the tax benefits arising from its net operating loss carried forward, no income tax benefits were recognized for such stock-based compensation cost under the Stock Option Plan for the six months ended March 31, 2011 and 2012.

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<us-gaap:EarningsPerShareTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 13 </td> <td align="left" width="92%"> Net Loss per Share </td> </tr> </table> The calculation of basic net loss per share is based on the net loss for the six months ended March 31, 2012 attributable to equity shareholders of $17,447,802 (six months ended March 31, 2011: $7,741,352) and the weighted average number of shares of common stock of 63,095,246 issued and outstanding during the six months ended March 31, 2012 (six months ended March 31, 2011: 62,895,122). The effects of 4,551,855 shares of stock options, 500,000 shares of restricted stock and 1,447,500 warrants outstanding during the six months ended or as of March 31, 2011 were all anti-dilutive and the effects of 4,194,155 shares of stock options and 300,000 shares of restricted stock warrants outstanding during the six months ended or as of March 31, 2012 were all anti-dilutive. As such, basic and diluted net loss per share for the six months ended March 31, 2011 and 2012 are the same.

</us-gaap:EarningsPerShareTextBlock>

<us-gaap:FairValueDisclosuresTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 14 </td> <td align="left" width="92%"> Fair Value of Financial Instruments </td> </tr> </table> Accounting Standards Codification (“ASC”) Topic 820 requires the disclosure of the estimated fair value of financial instrument for which fair value was not elected. Except for other long-term loan disclosed as below, the carry amounts of other financial assets and liabilities approximated their fair value due to short maturities or the applicable interest rates approximately the current market value: <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium;"> </td> <td align="left" style="border-style: none none solid; border-width: medium medium 1px;" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="border-width: medium medium 1px; border-style: none none solid; border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> As of September 30, 2011 </td> <td align="center" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-width: medium medium 1px; border-style: none none solid; border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="border-width: medium medium 1px; border-style: none none solid; border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> As of March 31, 2012 </td> <td align="center" style="border-width: medium medium 1px; border-style: none none solid; border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-style: none; border-width: medium;"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="12%">Carrying amount</td> <td align="center" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="12%">Fair value</td> <td align="center" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="12%"> Carry amount </td> <td align="center" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="12%">Fair value</td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#E6EFFF" style="border-style: none; border-width: medium;"> </td> <td align="left" bgcolor="#E6EFFF" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="1%">$</td> <td align="right" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="12%"> 2,457,309 </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="1%"> </td> <td align="right" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="12%"> 2,230,726 </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="1%">$</td> <td align="right" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="12%"> 2,491,773 </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="1%"> </td> <td align="right" bgcolor="#E6EFFF" nowrap="nowrap" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="12%"> 2,336,402 </td> <td align="left" bgcolor="#E6EFFF" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: double; border-bottom-width: 3px;" width="2%"> </td> </tr> </table>

</us-gaap:FairValueDisclosuresTextBlock>

<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 15 </td> <td align="left" width="92%"> Commitments and Contingencies </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="5%"> (i) </td> <td align="left" width="92%"> Capital Commitments </td> </tr> </table> As of September 30, 2011 and March 31, 2012, the Company had the following contracted capital commitments: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">For construction of buildings</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 7,847,376 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="12%"> 12,560,066 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">For purchases of equipment</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3,511,966 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 3,696,649 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td bgcolor="#e6efff"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> <td bgcolor="#e6efff" width="1%"> </td> <td bgcolor="#e6efff" width="12%"> </td> <td bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 11,359,342 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 16,256,715 </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="5%"> (ii) </td> <td align="left" width="92%"> Land Use Rights and Property Ownership Certificate </td> </tr> </table> According to the relevant PRC laws and regulations, a land use rights certificate, along with government approval for land planning, project planning and construction, needs to be obtained before construction of a building is commenced. A property ownership certificate shall be granted by the government upon application under the condition that the aforementioned certificate and government approvals have been obtained. The Company did not obtain the land use right certificate and approvals for project-planning and construction relating to the premises occupied by the Company, BAK Industrial Park, before construction of the buildings was commenced. On July 3, 2009, the Company had obtained the approval for project-planning and construction from the local government of Shenzhen. On June 2, 2011, the Company obtained the property ownership certificate relating to BAK Industrial Park. Pursuant to the land use rights certificate relating to the Company’s Tianjin facility, the Tianjin government had requested that the Company complete the construction of the Tianjin facility before September 30, 2008. As of March 31, 2012, the Company was in the process of negotiating with the relevant government bureau for the extension of the completion date. If the Company fails to obtain the approval for the extension of the completion date from the relevant government bureau, there is a risk that the land use rights certificate relating to the Company’s Tianjin facility will become invalid. However, management believes that this possibility, while present, is remote. Pursuant to the land use rights certificate that the Company obtained relating to the Research and Development Test Centre to be constructed in Shenzhen, the Company must complete at least 25% of the construction of the Research and Development Test Centre by September 30, 2008. On November 11, 2008 and May 27, 2009, the Company has signed two supplement agreements with Shenzhen government to increase the dimensions of the Research and Development Test Centre. According to the supplement agreements, the Company is required to complete the construction by May 6, 2011. According to the property ownership and land use rights certificate, such rights may not be pledged without the approval of the relevant government office. The Company is required to pledge its property ownership and land use rights certificate in relation to the Research and Development Test Centre to China Development Bank according to the loan agreement entered into with it. On April 7, 2010, the pledge of the land use rights certificate to China Development Bank was approved by the relevant government bureau. On April 20, 2010, the relevant land use rights certificate was pledged to China Development Bank. On December 15, 2008, the Company purchased insurance for its manufacturing facilities at BAK Industrial Park in Shenzhen, China. Under the insurance policy entered into with Ping An Property & Casualty Insurance Company of China, Ltd, the insured amount for our manufacturing facilities at BAK Industrial Park is RMB585,373,070 (approximately $85.8 million) for the period from November 26, 2008 to August 25, 2010. On August 20, 2010, the Company purchased the new insurance for its manufacturing facilities at BAK Industrial Park in Shenzhen, China. Under the new insurance policy entered into with Ping An Property & Casualty Insurance Company of China, Ltd, the insured amount for our manufacturing facilities at BAK Industrial Park is RMB550,000,000 (approximately $82.2 million) for the period from August 26, 2010 to March 26, 2012. On March 26, 2012, the Company purchased the new insurance for its manufacturing facilities at BAK Industrial Park in Shenzhen, China. Under the new insurance policy entered into with Ping An Property & Casualty Insurance Company of China, Ltd, the insured amount for our manufacturing facilities at BAK Industrial Park is RMB663,612,000 (approximately $105.4 million) for the period from March 27, 2012 to July 26, 2013. On July 2, 2010, the Company purchased insurance for its manufacturing facilities in Tianjin, China. Under the insurance policy entered into with Ping An Property & Casualty Insurance Company of China, Ltd, the insured amount for our manufacturing facilities in Tianjin is RMB220,991,420 (approximately US$33.0 million) for the period from July 2, 2010 to July 2, 2011. As of March 31, 2012, under the insurance policy entered into with Ping An Property & Casualty Insurance Company of China, Ltd, the insured amount for our manufacturing facilities in Tianjin is RMB329,666,477 (approximately US$51.6 million) for the period from July 2, 2011 to July 2, 2012. The Company is not able to insure its new Research and Development Test Centre to be constructed in Shenzhen, China, until it receives the required property ownership and land use rights certificates. Upon receipt of such certificates, the Company intends to procure such insurance. As discussed above, the Company has obtained the land use rights certificate to the land relating to these facilities. The application for a property ownership certificate is in process with respect to the Company’s facilities in Shenzhen. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="5%"> (iii) </td> <td align="left" width="92%"> Guarantees </td> </tr> </table> In order to secure the supplies of certain raw materials and equipment and upon the request of suppliers, the Company has given guarantees to certain suppliers which are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Guaranteed for Shenzhen Tongli Hi-tech Co. Ltd. - a non-related party </td> <td align="left" bgcolor="#e6efff" style="border-bottom: medium none rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: medium none rgb(0, 0, 0);" width="12%"> 2,349,514 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: medium none rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: medium none rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" style="border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Guaranteed for Shanghai Global Children Products Co. Ltd. - a non-related party </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="12%"> 1,566,342 </td> <td align="left" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="12%"> - </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Guaranteed for Shenzhen B&G Technology Development Co. Ltd.- a non- related party </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 9,529,860 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Guaranteed for Tianjin Bike New Energy Research Institute - a non- related party </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 7,831,712 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 11,229,352 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Guaranteed for Shenzhen Yasu Technology Co. Ltd. - a non-related party </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> 9,398,055 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="12%"> 9,529,860 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: solid; border-bottom-width: 1px;" width="2%"> </td> </tr> <tr> <td> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 21,145,623 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="12%"> 30,289,072 </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0); border-top-style: solid; border-top-width: 1px;" width="2%"> </td> </tr> </table> Management has assessed the fair value of the obligation arising from the above financial guarantees and considered it immaterial to the condensed interim consolidated financial statements. Therefore, no obligations in respect of the above guarantees were recognized as of March 31, 2012. <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> </td> <td align="left" width="5%"> (iv) </td> <td align="left" width="92%"> Outstanding Discounted Bills and Transferred Bills </td> </tr> </table> From time to time, the Company factors bills receivable to banks and endorses the bank acceptance bills received to its suppliers, vendors or other parties for settlement of its liabilities to these creditors. At the time of the factoring and transfer, all rights and privileges of holding the receivables are transferred to the banks and the creditors. The Company removes the assets from its books and records a corresponding expense for the amount of the discount. The Company remains contingently liable on the amount outstanding in the event the bill issuer defaults. The Company’s outstanding discounted and transferred bills as of September 30, 2011 and March 31, 2012 are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%"> September 30, </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> March 31, </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2012 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr> <td> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Bank acceptance bills</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 2,049,540 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> 9,325,326 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%"> </td> </tr> </table>

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<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

</us-gaap:ConcentrationRiskDisclosureTextBlock>

<us-gaap:SegmentReportingDisclosureTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 17 </td> <td align="left" width="92%"> Segment Information </td> </tr> </table> The Company currently engages in the manufacture, commercialization and distribution of a wide variety of standard and customized lithium ion rechargeable batteries for use in a wide array of applications. During the six months ended March 31, 2012, the Company manufactured five types of Li-ion rechargeable batteries: aluminum-case cell, battery pack, cylindrical cell, lithium polymer cell and high-power lithium battery cell. The Company’s products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. Net revenues for the six months ended March 31, 2011 and 2012 were as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 8pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> Net revenues by product: </td> <td align="left" width="1%"> </td> <td align="center" width="7%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="7%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="7%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="7%"> </td> <td align="center" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="center" colspan="10" style="border-bottom: 1px solid rgb(0, 0, 0);" width="37%"> Six months ended March 31, </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px;" width="1%"> </td> <td align="center" colspan="4" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="4" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 2012 </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-right-style: none; border-right-width: medium;"> </td> <td align="left" style="border-bottom: medium none rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> </td> <td align="center" style="border-left-style: none; border-left-width: medium;" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> % </td> <td align="center" style="border-right-style: none; border-right-width: medium;" width="2%"> </td> <td align="center" style="border-bottom: medium none rgb(0, 0, 0); border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium;" width="1%"> </td> <td align="center" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> </td> <td align="center" style="border-left-style: none; border-left-width: medium;" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> % </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Aluminum-case cell </td> <td align="left" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="7%"> 46,848,778 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="7%"> 42.50 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium;" width="7%"> 45,940,596 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="7%"> 43.95 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Battery pack </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 29,697,236 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 26.94 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 29,626,238 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 28.34 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;"> Cylindrical cells </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 25,668,780 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 23.28 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="7%"> 20,594,056 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 19.70 </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Lithium polymer cells </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 5,140,245 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 4.66 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 4,977,013 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 4.76 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> High-power lithium battery cells </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 2,885,769 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 2.62 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 3,397,987 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 3.25 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%">$</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 110,240,808 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 100.00 $ </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 104,535,890 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 100.00 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 8pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left" colspan="13"> Net revenues by geographic area: </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="10" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="37%"> Six months ended March 31, </td> <td align="center" style="border-style: none none solid; border-width: medium medium 1px;" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="4" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 2011 </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" colspan="4" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 2012 </td> <td align="center" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1px;" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: medium none rgb(0, 0, 0);" width="7%"> </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> % </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="7%"> </td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="7%"> % </td> <td align="center" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1px;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> PRC Mainland </td> <td align="left" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium;" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium;" width="7%"> 77,589,671 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 70.38 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> $ </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 77,708,989 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="7%"> 74.34 </td> <td align="left" bgcolor="#e6efff" style="border-bottom-style: none; border-bottom-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" style="border-right-style: none; border-right-width: medium;"> PRC Taiwan </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 19,893,333 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 18.05 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" style="border-style: none; border-width: medium;" width="7%"> 12,186,467 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 11.66 </td> <td align="left" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff" style="border-right-style: none; border-right-width: medium;"> India </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 5,635,636 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="7%"> 5.11 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="7%"> 4,783,960 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-width: medium; border-style: none; border-bottom: medium none rgb(0, 0, 0);" width="7%"> 4.58 </td> <td align="left" bgcolor="#e6efff" style="border-style: none; border-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> Hong Kong, China </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 4,219,393 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 3.83 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 5,483,517 </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="2%"> </td> <td align="left" style="border-top-style: none; border-top-width: medium;" width="1%"> </td> <td align="right" style="border-top-style: none; border-top-width: medium;" width="7%"> 5.24 </td> <td align="left" style="border-bottom-style: none; border-bottom-width: medium; border-top-style: none; border-top-width: medium;" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> Others </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 2,902,775 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 2.63 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 4,372,957 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="7%"> 4.18 </td> <td align="left" bgcolor="#e6efff" style="border-style: none none solid; border-width: medium medium 1px;" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 110,240,808 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 100.00 $ </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="7%"> 104,535,890 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0); border-right-style: none; border-right-width: medium;" width="7%"> 100.00 </td> <td align="left" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1px;" width="2%"> </td> </tr> </table> Substantially all of the Company’s long-lived assets are located in the PRC.

</us-gaap:SegmentReportingDisclosureTextBlock>

<us-gaap:SubsequentEventsTextBlock contextRef="cx_01_October_2011_TO_31_March_2012">

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td align="left" width="5%"> 18 </td> <td align="left" width="92%"> Subsequent Events </td> </tr> </table> The Company has evaluated all subsequent events through the date these condensed interim consolidated financial statements were issued, and determined that there were no subsequent events or transactions that require recognition or disclosures in the consolidated financial statements.

</us-gaap:SubsequentEventsTextBlock>

</xbrl>

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Filing Submission 0001204459-12-001016 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

CBAK Energy Technology, Inc. – ‘10-Q’ for 3/31/12 – ‘EX-101.INS’

On: Thursday, 5/10/12, at 6:06am ET · For: 3/31/12 · Accession #: 1204459-12-1016 · File #: 1-32898

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Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘EX-101.INS’ — XBRL Instance — cbak-20120331

This Exhibit is an XBRL XML File.

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents