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Aptus Holdings Limited was established in 1999, and has listed since May 2002, which originally engaged in pharmaceutical consulting business in the PRC and Hong Kong. 

Since the last time we spoke, the management of Aptus Holdings Limited has continued to work hard on developing and expanding the footprint of the Group in the oil and gas related industries. In January 2006, we completed the acquisition of a 70% equity interest in CNPC Huayou Cu Energy Investment Co. Ltd. giving the Group an effective 56% stake in the profit sharing rights of the Xin Jiang Oilfield

In July 2006, the Company entered into two agreements to make capital contributions to Changde Huayou Gas Co. Ltd. ("Changde Joint Venture") (a city level natural gas pipeline project) and Hunan Huayou Natural Gas Transportation & Distribution Company Limited ("Hunan Joint Venture") (a provincial level natural gas pipeline project). Completion of these two deals is now pending. Meanwhile, natural gas is expected to be flowing through the pipelines of both these two joint ventures by the end of 2006.

During this time, we have also continued to work closely with and strengthen our relationship with China Huayou Group Corporation ("Huayou"). Xin Jiang Oilfield is managed and operated by Huayou on our behalf and Huayou is also the largest shareholder in both the Changde and Hunan joint ventures. Huayou is a wholly-owned subsidiary of China National Petroleum Corporation ("CNPC"). CNPC is one of the two largest state-owned petroleum corporations in the PRC.

The longer term objective of management is to develop Aptus Holdings Limited into a major diversified oil and gas group. We believe that the Xin Jiang Oilfield acquisition and the signing of the two capital contribution agreements represent a good start to this process. 
 
 
 



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