Prior to 2012, we focused primarily on Aircraft Leasing and Infrastructure Leasing businesses and established a market leading position and competitive advantages in those areas. In addition, we have been focusing on cultivating business relationships with large and medium-sized enterprises since our inception. In order to mitigate the impact from adverse policy changes and diversify our customer base and business mix and capture growth opportunities, we began to selectively expand our leasing business to other sectors in 2012, including manufacturing equipment leasing for enterprises in chemical, papermaking and other industries, as well as commercial property leasing, and we have gradually expanded our customer base to include SMEs.

We lease equipment to manufacturing enterprises in a wide variety of sectors, such as chemical, electronics, papermaking, textile, coal and steel. Our manufacturing equipment leases are primarily serviced by the revenue generated by the lessor’s business and the leased assets.

In addition, we also provided manufacturing equipment leasing to certain SMEs guaranteed by SME guarantors in China whereby we select SME guarantors based on their creditworthiness and financial resources and the SME guarantors are responsible for finding and recommending prospective lessees to us.

Commercial properties that we lease mainly include plants, offices, hotels and shops. Our commercial property leases are primarily serviced by rental income generated by the leased properties.