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Based on our review of the due diligence documents and our interviews with Mr. Liangwei Lu (Legal Counsel) of Shenzhen TopOne, Shenzhen TopOne directly and indirectly owns 47 branches. Among these 47 branches, 10 branches which are directly owned by Shenzhen TopOne (in Shunde (a district of Foshan), Beijing, Changsha, Shenzhen, Qingdao, Ningbo, Zhuzhou, and Zhengzhou) and 1 branch (in Shanghai) which is indirectly owned by Shenzhen TopOne through its Shanghai subsidiary are currently not in operation (“Non-Operational Branches of Shenzhen TopOne”) and are either being deregistered by Shenzhen TopOne or will be deregistered by Shenzhen TopOne. However, based on our research on the current registration of these 11 Non-Operational Branches of Shenzhen TopOne, none of them is deregistered. We were told that among the 11 Non-Operational Branches, four of them own 30 cars in total and such cars are mortgaged to the banks. Thus, Shenzhen TopOne cannot deregister such branches before repaying the loans since the mortgages must be released first. In addition, Shenzhen WFOE also has six non-operational branches in Shenzhen, Guangzhou, Zhuhai, Wuxi, and Huizhou.
通过对尽职调查文件进行复检，结合我们对Shenzhen TopOne的法律顾问LiangweiLu先生的采访,我们了解到Shenzhen TopOne旗下直接和间接开设了共计47个分公司。其中, Shenzhen TopOne直接拥有10个分公司（分别位于Shunde(Foshan的一个区)、Beijing、Changsha、Shenzhen、Qingdao、Ningbo、Zhuzhou、以及Zhengzhou)，并通过其在Shanghai的子公司间接拥有1个分公司(也位于Shanghai)。以上所述分公司目前均不在运营中（以下简称Shenzhen TopOne非运营分公司）；Shenzhen TopOne正在或即将对这些分公司撤销注册。然而，通过调查，我们发现Shenzhen TopOne现阶段11家非运营分公司都尚未撤销注册。我们被告知，11家非运营分公司中有4家拥有汽车共计30辆，而这些汽车目前都抵押给了银行。因此，除非贷款关系解除，ShenzhenTopOne在有能力偿还贷款之前不腀@废庑┓止镜淖⒉帷Ａ硗猓琒henzhen WFOF旗下也有6家非运营分公司，分别位于Shenzhen, Guangzhou, Zhuhai, Wuxi, 和 Huizhou。