COOEC has established a standardized and clear corporate governance structure and formed a scientific and effective mechanism of division of duties and checks and balances in accordance with laws and regulations such as the Company Law, the Securities Law, the Code on Governance of Listed Companies and the Rules for the Listing of Stocks on the Shanghai Stock Exchange, and followed the requirements of the China Securities Regulatory Commission, the Shanghai Stock Exchange and other regulatory bodies. The general meeting enjoys the powers stipulated in laws and regulations and the Articles of Association of COOEC, and exercises the right to make decisions on major matters such as COOEC’s operation policy, fund raising, investment and profit distribution in accordance with the law; the Board of Directors is responsible to the general meeting, and exercises the right to implement the resolutions of the general meeting and the right to make business decisions within the scope of regulations in accordance with the law; the management is responsible for organizing and implementing the resolutions of the general meeting and the board of directors and presiding over the daily operation and management of COOEC.