PAIHO HOLDINGS LIMITED

None observed in current sources.

• ■
  Paiho Group Inc.

  shareholder of
• ■
  Braits Company Limited

  shareholder of
• ■
  HON SHIN CORP. ??????

  shareholder of
• ■
  PAIHO INTL LIMITED

  shareholder of
• ■
  SAN HO SHIN CORP.

  shareholder of