A holding company with no material operations of our own, we conduct our operations in China through our variable interest entity, Taizhou Kepuni Communication Equipment Co. Ltd., or Taizhou Kepuni in the PRC. Neither we nor our subsidiaries own any share in Taizhou Kepuni. Instead, we control and receive the economic benefits of Taizhou Kepuni’s business operation through a series of contractual agreements, or the VIE Agreements.
