GROUP OPERATIONS

HONG KONG

BEL TRADE INVESTMENT HOLDINGS LIMITED

BEL TRADE INVESTMENT COMPANY LIMITED

GOOD YEAR CORPORATION LIMITED

TIAN SIN ZIPPERS MANUFACTURING COMPANY LIMITED

TROOPERS SECURITIES COMPANY LIMITED

CAPITAL INVESTMENTS LIMITED

CHINA

BEL TRADE WOOD INDUSTRIAL CO., LTD. YOUXI

BEL TRADE PROPERTIES DEVELOPMENT (WUHAN) LIMITED

MERIT ELEMENT WOOD PRODUCTS COMPANY LIMITED

GERMANY

BEL TRADE HANDEL GMBH

PHILIPPINES

FIRST CNG INC.

UNITED STATES OF AMERICA

BEL TRADE (USA) CORPORATION

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