cing most of the basic product manufacturing to third parties ■ With its production and assembly located in China's manufacturing centres, Pearl and Yangtze river delta, the Company benefits from a low cost environment ■ Profitability has remained high with an EBITDA and net income margins above 30% and

c Bureaucracy”. China’s "Yu the Great”, for instance, rose to power around 2800 B.C. because of his skills in throttling the unpredictable and deadly Yangtze flows. “Contrary to popular belief that nature always remains the same,” Wittfogel wrote, “nature changes profoundly whenever 26 HOUSE_OVERSIGHT_01