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Introduction
介绍

The Client has engaged us to conduct investigative due diligence research on the following subjects:
客户聘请我们对以下主题进行调查性尽职调查研究：

Order Group Co. Ltd. (奥德集团有限公司)
OrderGroup Co. 订购集团公司Ltd.（奥德集团有限公司）

Lin Fanlian (林凡连)
林凡连（LinFanlian）

Xie Yi (谢翼)
谢翼（XieYi）

We concentrated its efforts in mainland China and Hong Kong, focusing on:
我们专注于中国大陆和香港，专注于：

Researching the background of Order Group's formation, ownership structure, and business activities
研究 Order Group 的成立背景、所有权结构和业务活动

Understanding whether Order Group, its controlling shareholders, directors, and senior management have been tied to any incidents or allegations of corruption, bribery, major commercial disputes, adverse media coverage, or significant litigation
了解OrderGroup、其控股股东、董事和高级管理人员是否与任何腐败、贿赂、重大商业纠纷、负面媒体的事件或指控有关承保范围或重大诉讼

Providing profiles of Lin Fanlian and Xie to the extent possible, including: career background, relevant family or government connections, external corporate affiliations, public profile and reputation, litigation history, and regulatory or compliance issues, including whether or not they are designated as a Politically Exposed Person (“PEP”)
尽可能提供 Lin Fanlian 和 Xie 的个人资料，包括：职业背景、相关的家庭或政府关系、外部公司隶属关系、公众形象和声誉、诉讼历史以及监管或合规问题，包括他们是否被指定为政治公众人物

Looking for indications of undisclosed financial problems or bankruptcy of the Subjects
寻找未披露的财务问题或主体破产的迹象

Checking the Subjects against relevant local and global regulatory and compliance databases to determine any issues or detrimental information, including OFAC sanctions, FCPA or similar risks and AML violations
根据相关的本地和全球监管和合规数据库检查主体，以确定任何问题或有害信息，包括OFAC制裁、FCPA或类似风险以及反洗钱违规行为

Gathering information on Lin Fanlian's and Xie's business reputation, integrity and past business track records, seeking to detect any undisclosed influence on the company's well-being or operations, especially any that might affect the Client's potential investment with Order Group affiliates
收集有关LinFanlian和Xie 的商业信誉、诚信和过去业务记录的信息，试图发现对公司福祉或运营的任何未披露的影响，尤其是可能影响客户与 Order Group 附属公司的潜在投资的任何影响

Understanding whether Lin Fanlian or Xie has poor professional standards or have faced other ethical concerns
了解林凡莲或谢是否专业水平不佳或面临其他道德问题

This report provides the results of our research, conducted from 7 June 2021 to 7 July 2021.
本报告提供了我们于 2021 年 6 月7 日至 2021年 7 月7 日进行的研究结果。

Methodology
方法论

This report was compiled from a review of publicly available sources, including media archives, online resources, proprietary databases and records from government and regulatory bodies in mainland China and Hong Kong. We also research the subjects using Acuris’ proprietary regulatory, corporate filing, and media databases. For details on how we conduct this research, please see Appendix I.
本报告是根据对公开来源的审查编制的，包括媒体档案、在线资源、专有数据库以及来自中国大陆和香港政府和监管机构的记录。我们还使用 Acuris 专有的监管、公司申报和媒体数据库对主题进行研究。有关我们如何进行这项研究的详细信息，请参阅附录 I。

Commercial databases and other sources of public records may contain errors, and research using an individual’s name may return records pertaining to another individual with a similar name. We make every effort to corroborate and verify information from these sources, but we cannot guarantee their accuracy.
商业数据库和其他公共记录来源可能包含错误，使用个人姓名的研究可能会返回与具有相似姓名的其他个人有关的记录。我们尽一切努力证实和验证来自这些来源的信息，但我们无法保证其准确性。

In addition to public domain research, we conducted discreet inquiries with confidential sources in mainland China who are familiar with the subjects. The source inquiries were conducted in strict confidentiality and therefore the materials and content provided in this report must be treated confidentially. We engaged multiple sources to ensure that the information we obtained
除了公共领域研究外，我们还与中国大陆熟悉主题的机密消息来源进行了谨慎的调查。来源查询是在严格保密的情况下进行的，因此本报告中提供的材料和内容必须保密。我们联系了多个来源，以确保我们获得的信息

was objective and accurate. Nevertheless, the interpretation of this information is subjective in nature and the Client should take this into account when reviewing the report.
是客观和准确的。然而，对这些信息的解释本质上是主观的，客户在审查报告时应考虑到这一点。

Currency conversions are based on exchange rates at the time this report was written and are intended as approximations.
货币换算基于撰写本报告时的汇率，旨在作为近似值。

Executive Summary
执行摘要

Order Group Co. Ltd.
OrderGroupCo.Ltd.[订单集团有限公司]

Order Group Co. Ltd. (奥德集团有限公司, “Order Group”) is a Shandong-based natural gas supplier founded in 2005.
Order Group Co. Ltd. 订购集团有限公司（奥德集团有限公司，“Order Group”）是一家总部位于山东的天然气供应商，成立于 2005 年。

According to our online media research and source inquiries, Order Group currently has around 200 subsidiaries and over 2,000 employees. Its operational footprint spans 200 cities in mainland China, with a geographical focus on Central China, Eastern China, Hebei province, Guangxi province, and Northeastern China.
根据我们的在线媒体研究和来源查询，OrderGroup目前拥有约 200家子公司和2,000多名员工。其运营足迹遍布中国大陆的200个城市，主要集中在华中、华东、河北省、广西省和东北地区。

Development of Real Estate Division
房地产事业部的发展

Order Group has been expanding its real estate division since 2016, after the group had reached a level of stability and profitability in its natural gas division, according to our sources. Its real estate division enjoys a positive reputation in Linyi and is known for its upscale residential development projects, although it remains a stable but relatively small real estate player within Shandong province, according to a civil engineer at an Order Group real estate development subsidiary.
据 Order Group 称，自 2016 年以来，在该集团的天然气部门达到稳定和盈利水平后，OrderGroup一直在扩大其房地产部门我们的来源。据一位民间人士称，其房地产部门在临沂享有良好的声誉，并以其高档住宅开发项目而闻名，尽管它在山东省内仍然是一个稳定但相对较小的房地产公司OrderGroup房地产开发子公司的工程师。

According to our sources, Order Group’s legal representative and 98% shareholder Lin Fanlian’s (林凡连, “Lin”) daughter – Lin Yujing (林雨静) – oversees Order Group’s real estate division, and Lin’s son-in-law, Xie Yi (谢翼, “Xie”), is also believed to be primarily involved in the real estate division and works closely with Lin Yujing.
根据我们的消息来源，Order Group 的法定代表人兼 98% 股东林凡连（“Lin”）的女儿林雨静（LinYujing）负责监督 Order Group 的房地产部门，而林的女婿谢翼（谢翼）负责监督OrderGroup 的房地产部门。谢》的作者，也被认为主要参与房地产部门，并与林玉晶密切合作。

This is Order Group’s second largest business area behind its natural gas division, according to a general project assistant in the real estate division of Order Group.
据 OrderGroup 房地产部门的一位总项目助理称，这是OrderGroup仅次于天然气部门的第二大业务领域。

Issues of Note
注意事项

Order City Investment Co. Ltd. Involved in Land Purchase Dispute
OrderCityInvestmentCo.Ltd.卷入土地购买纠纷

According to multiple local and mainstream media outlets, in April 2014, Shandong Order City Investment & Development Co. Ltd. ( 山东奥德城投开发有限公司, “OCID”), a real estate development subsidiary of Order Group, reached an agreement with Shanghai Mingyuan Enterprise Group Co. Ltd. (上海铭源实业集团有限公司) to acquire a plot of land in Linyi, Shandong province, called the Bauhinia City Residential Area (紫荆城住宅小区). The sellers, Yao Yuan (姚原) and Yao Yung (姚湧) (hereafter the “Yao brothers”), claimed to own 75% of the asset, when in fact they only owned 25% of the asset. The remaining 75% was owned by a Hong Kong businessman named Hong Jianming (洪建明, “Hong”).
据多家本地和主流媒体报道，2014 年 4 月，山东订单城投资开发有限公司。Order Group 旗下房地产开发子公司（山东奥德城投开发有限公司，OCID“）与上海明源企业集团有限公司达成协议。（上海铭源实业集团有限公司）收购山东省临沂市一块名为紫荆城住宅小区的土地。卖方姚原和姚毧（以下简称“姚湧兄弟”）声称拥有75% 的资产，而实际上他们只拥有25%% 的资产。其余75% 的股份由一位名叫洪建明的香港商人（“洪建明”）拥有。

After realizing it would not get the land in return despite having paid the Yao brothers, OCID subsequently “conspired with” the Yao brothers to “rip off” Hong to compensate for OCID’s loss. Aided by multiple regulatory bodies and regional courts in Linyi, the Yao brothers and OCID subsequently facilitated the transfer of CNY 600 million (USD 93.1 million, this sum includes liquidated damages) worth of assets through various channels, including court enforcement orders, auctions, mortgages, and land transfers, to OCID as a form of compensation. All this was conducted without the knowledge of Hong, as he was not a party in the subsequent arbitration proceeding (case no.: （2015）临仲裁字第 191 号).
在意识到尽管向姚氏兄弟付款后，OCID 仍无法获得土地作为回报，随后与姚氏兄弟“合谋”“敲诈”洪氏兄弟，以补偿 OCID 的损失。在临沂多个监管机构和地方法院的协助下，姚氏兄弟和OCID 随后通过各种渠道（包括法院执行令、拍卖、抵押和土地）促成了价值 6 亿元人民币（9310 万美元，包括违约金）的资产转移转账到 OCID作为一种补偿形式。所有这一切都是在洪不知情的情况下进行的，因为他不是随后仲裁程序的当事人（案件编号：（2015）临仲裁字第 191 号）。

None of the sources we spoke to were aware of this incident. Sources generally pointed out that Order Bauhinia City Residential Area was a project done more than six to seven years ago so they were not aware of this land dispute. Sources did not think this incident had any major impact on the group’s reputation or operations. We note that the Bauhinia City Residential Area is currently called Order Bauhinia City Residential Area (奥德紫荆城), according to our online media research, which suggests that ownership of the plot of land in question was ultimately transferred to OCID.
我们采访的消息来源都没有意识到这件事。消息人士普遍指出，OrderBauhiniaCityResidentialArea是一个超过 6至7年前完成的项目，因此他们不知道这块土地争议。消息人士认为，这一事件没有对该组织的声誉或运营产生任何重大影响。我们注意到紫荆城住宅区目前被称为奥德紫荆城住宅区，根据我们的在线媒体研究，这表明相关地块的所有权最终转让给了OCID。

Chairman of Tieling Order Gas Co. Ltd. Implicated in Bribery Case
铁岭令气体有限公司董事长涉案贿赂案

According to our online media research, in late 2013, the chairman of Tieling Order Gas Co. Ltd. (铁岭奥德燃气有限公司, “Tieling Order Gas”) surnamed Lin (林) was found to have issued bribes worth a total of CNY 400,000 (USD 62,000) on two separate occasions to the supervisor of the Tieling Commission of Housing and Rural and Urban Construction (铁岭市住房和城乡建设委员会), Wang Yingwei (王英伟). The media report also noted that Wang Yingwei took bribes from more than 20 other individuals. Wang Yingwei was sentenced to 12 years in prison and received a CNY 1 million (USD 155,000) penalty in 2019.
根据我们的网络媒体调查，2013 年底，铁岭订单燃气有限公司董事长Ltd.铁岭奥德燃气有限公司，“铁岭令气”）姓林被发现在两个不同的场合向铁岭市住房和农村委员会的监督员行贿，总额为 400,000 元人民币（62,000 美元），以及UrbanConstruction （铁岭市住房和城乡建设委员会）， WangYingwei （王英伟）. 媒体报道还指出，王英伟收受了其他20 多人的贿赂。王英伟于 2019 年被判处 12年有期徒刑，并被判处 100 万元人民币（155,000 美元）的刑罚。

We were able to confirm the bribery case through our litigation research (case nos.: （2018）辽 0404 刑初 56 号 and （2017）辽 0404 刑初 284 号). Tieling Order Gas’s chairman surnamed Lin was only mentioned in the case, and we did not find any indication that Lin was penalized because of this issue. According to the court judgement, from 2011 to 2015, Wang Yingwei took bribes totaling around CNY 20 million from more than 20 different individuals including Lin. All bribe givers’ names were redacted and none of them were penalized in the case.
我们透过诉讼研究（案件编号：（2018）辽 0404刑初56号及（2017）辽 0404刑初284号）确认了该贿赂案。此案中只提到了铁岭令燃气的林姓董事长，我们没有发现任何迹象表明林某因为这个问题受到了处罚。根据法院判决，从 2011 年到 2015 年，王英伟从包括林在内的 20 多个不同的人那里收受了总计约2000万元人民币的贿赂。所有行贿者的名字都被隐去了，他们都没有在此案中受到处罚。

Tieling Order Gas is a subsidiary of Order Group. According to our corporate records research, there are two key principals of Tieling Order Gas surnamed Lin, namely Lin Xiangxing (林祥星, executive director) and Lin Fanlun (林凡伦, supervisor), both of whom have been affiliated with Tieling Order Gas since its incorporation in July 2009. It is likely the “chairman surnamed Lin” in the case refers to Lin Xiangxin. Our litigation and regulatory research did not find information to suggest that Tieling Order Gas or any of its key principals were penalized as a result of the above case.
铁岭OrderGas是OrderGroup 的子公司。根据我们的企业档案研究，铁岭令气有两位林姓主要负责人，分别是林祥星（执行董事）和林繁伦（林凡伦，监事）自 2009 年 7 月铁岭OrderGas成立以来一直隶属于该公司。本案中的“董事长姓林”很可能是指林祥欣。我们的诉讼和监管研究没有发现信息表明铁岭OrderGas或其任何主要负责人因上述案件而受到处罚。

We note that in mainland China, anti-corruption campaigns have largely targeted government officials who receive or solicit bribes, while private businessmen involved typically receive leniency, unless their offence is considered particularly serious or as having a significant social impact. Such leniency is based on the general understanding that the vast majority of these bribes are solicited by the government officials, with the individual businessman given little choice in the matter, although we could not ascertain if that was the case in this particular instance. We also note that Tieling Order Gas remains active at present, and both Lin Xiangxing and Lin Fanlun remained on the company’s board.
我们注意到，在中国大陆，反腐败运动主要针对收受或索贿的政府官员，而涉案的私营商人通常会得到宽大处理，除非他们的罪行被认为特别严重或有重大的社会影响。这种宽大处理是基于这样一种普遍的理解，即这些贿赂中的绝大多数是由政府官员索取的，而个体商人得到的很少选择，尽管我们无法确定在这个特定情况下是否是这种情况。我们还注意到，铁岭令气目前仍然活跃，林祥兴和林繁伦均留在公司董事会。

None of the sources we spoke to were aware of this incident. Sources generally were in the opinion that bribery cases like this were not uncommon in China. Sometimes it was the local officials who demanded bribes which gave companies little choice. Sources did not think this incident had any major impact on the group’s reputation or operations.
我们采访的消息来源都没有意识到这件事。消息人士普遍认为，此类贿赂案件在中国并不少见。有时，是地方官员索要贿赂，让公司别无选择。消息人士认为，这一事件没有对该组织的声誉或运营产生任何重大影响。

Alleged “Malicious Arbitration” Involving Order Group
涉嫌涉及OrderGroup 的“恶意仲裁”

According to an article reposted by Sohu and 163.com in May 2020, Order Group and Linyi Liqun Real Estate Development Co. Ltd. (临沂市利群房地产开发有限公司, “Linyi Liqun”) went through
根据搜狐和163.com 在 2020年 5 月转发的一篇文章，Order Group和临沂立群房地产开发有限公司。 Ltd.（临沂市利群房地产开发有限公司，“临沂利群”）通过

“malicious” (惡意) and “fraudulent” (虛假) arbitration proceeding in 2016, which ultimately resulted in the alleged seizure of assets of Shandong Taishengheng Real Estate Co. Ltd. (山东泰盛恒房地产有限公司, “Shandong Taishengheng”) by the Linyi Arbitration Committee (临沂仲裁委员会) (case no.: (2017) 临仲裁字第 414 号). The article claims that Shandong Taishengheng’s petition to annul the previous arbitration decision to the Linyi Intermediate People’s Court (临沂市中级人民法院) was dismissed for more than two years, leaving it little option but to seek media exposure.
2016 年的“恶意”（恶意）和“欺诈”（假）仲裁程序，最终导致山东泰盛恒房地产有限公司的资产被指控没收。 Ltd.（山东泰盛恒房地产有限公司，“山东泰盛恒”）由临沂仲裁委员会（案件编号.：（2017）临仲裁字第414号）。文章称，山东泰盛恒向临沂市中级人民法院（临沂市中级人民法院）提出的撤销先前仲裁决定的请求被驳回了两年多，留下除了寻求媒体曝光外，别无选择。

According to the article, Shandong Taishengheng originally applied for a CNY 300 million (USD 46.4 million) loan, for which Order Group agreed to become the guarantor. Before the loan was due, Order Group proceeded to sign a counter guarantee agreement with Linyi Liqun, which gave Order Group the right to exercise its right of recourse as the guarantor of the loan. This right of recourse gives Order Group the right to collect CNY 300 million (USD 46.4 million) from Linyi Liqun before the former fulfills its guarantee responsibility. Order Group and Linyi Liqun subsequently entered into an arbitration hearing. The article claims that although this case appears to be the dispute between Order Group and Linyi Liqun, it was Shandong Taishengheng’s asset that ended up being seized by the court. The article did not provide further details regarding this case.
根据文章，山东泰盛恒最初申请了3亿元人民币（4640万美元）的贷款，OrderGroup同意成为担保人。在贷款到期前，OrderGroup与临沂立群签订了反担保协议，赋予 OrderGroup行使其作为贷款担保人的追索权。该追索权赋予OrderGroup在临沂立群履行担保责任之前向临沂立群收取3亿元人民币（4640万美元）的权利。Order Group 和 Linyi Liqun 随后进行了仲裁听证会。文章称，虽然本案似乎是OrderGroup与临沂立群之间的纠纷，但最终被法院没收的是山东泰盛恒的资产。该文章没有提供有关此案的更多细节。

According to the article, because Shandong Taishengheng was not present at the arbitration hearing, the Linyi Arbitration Committee (临沂仲裁委员会) issued the award based on the materials provided by Order Group.
文章称，由于山东泰沂恒未出席仲裁庭审，临沂仲裁委员会根据 OrderGroup 提供的材料出具了裁决。

Based on our litigation and public domain research on the above entities, we did not identify any additional information regarding the above arbitration proceeding. We identified litigation records involving the three companies (case nos.: （2019）最高法民申 2271 号 and （2019）鲁民再 963 号) relating to appeals against a real estate development, as well as a management contract dispute (case no.: 东省高级人民法院（2018）鲁民终 1414 号), details of which do not appear to be publicly available.
根据我们对上述实体的诉讼和公共领域研究，我们没有发现有关上述仲裁程序的任何其他信息。我们确定了涉及这三家公司的诉讼记录（案件编号。：（2019）最高法民申 2271号 and（2019）鲁民再 963号），涉及房地产开发上诉，以及管理合同纠纷（案号：东省高级人民法院（2018）鲁民终 1414 号），其细节似乎未公开可用。

We note that the abovementioned media report appears to be the only article regarding this issue. We did not find further media reports on this issue. Similarly, none of our sources were aware of this dispute.
我们注意到，上述媒体报道似乎是关于这个问题的唯一文章。我们没有找到有关此问题的进一步媒体报道。同样，我们的消息来源都不知道这个争议。

Unsubstantiated Fraud and Bribery Allegations Against Order Group
针对OrderGroup 的未经证实的欺诈和贿赂指控

In September 2015, a letter of complaint was submitted by an individual named Zhou Guangsheng (周广生) to the Feng County Political and Legal Affairs Commission (丰县政法委) in Xuzhou, Jiangsu province, against Order Group. The letter accuses Order Group of committing several illegal acts, including bribing government officials, engaging in unlicensed construction projects without seeking prior approval from relevant governing bodies, exaggerating its investment strategy to local governments to win permits and licenses, subsequently selling said permits and licenses for large sums of money, and routinely receiving customer complaints for its subpar customer service.
2015 年 9 月，一位名叫周 Guangsheng（周广生）的个人向江苏省徐州市丰县政法委提交了一封针对OrderGroup 的投诉信。这封信指责OrderGroup犯下多项非法行为，包括贿赂政府官员、在未事先获得相关管理机构批准的情况下从事无证建设项目、夸大其投资向地方政府寻求策略以赢得许可证和执照，随后以高价出售上述许可证和执照，并经常收到客户对其客户服务不佳的投诉。

We note that the original post has been deleted. Order Group also appears to now have operations in Xuzhou following the incorporation of Xuzhou Order Gas Co. Ltd. (徐州奥德燃气有限公司, “Xuzhou Order Gas”) in June 2017.
我们注意到原始帖子已被删除。在徐州OrderGasCo. 成立后，Order Group现在似乎也在徐州开展业务。 Ltd.（徐州奥德燃气有限公司，“徐州订单燃气”）于 2017 年 6 月发布。

None of the sources we spoke to were aware of these incidents. We did not identify any significant regulatory or litigation records involving Xuzhou Order Gas.
我们采访的消息来源都没有意识到这些事件。我们未发现任何涉及徐州定气的重大监管或诉讼记录。

General Negative Comments Regarding Order Group
关于OrderGroup 的一般负面评论

In relation to the above, we did identify several negative news media articles and forum posts regarding Order Group and its subsidiaries, including allegations of late payment of wages to employees and subcontractors, poor treatment of its non-management level employees, and poor customer service.
与上述内容相关，我们确实发现了几篇关于 OrderGroup及其子公司的负面新闻媒体文章和论坛帖子，包括延迟支付工资的指控对员工和分包商，对其非管理层员工的恶劣待遇，以及糟糕的客户服务。

We note that instances of individual complaints are not uncommon for large corporations such as Order Group. Based on our source inquiries and broader public domain research, the above allegations do not appear to be indicative of broader issues in the group’s overall operations and reputation.
我们注意到，个人投诉的情况对于 Order Group 等大公司来说并不少见。根据我们的消息来源查询和更广泛的公共领域研究，上述指控似乎并不表明该集团的整体运营和声誉存在更广泛的问题。

Litigation, Bankruptcy, and Regulatory Research
诉讼、破产和监管研究

Litigation research found more than 80 cases involving Order Group in mainland China, most of which pertain to loan and contract disputes. None of the cases are criminal in nature. None of the cases are currently open. Summaries of the 10 most recent cases are provided in section 4.5.1.
诉讼研究发现，在中国大陆涉及OrderGroup 的案件超过 80 起，其中大部分涉及借款和合同纠纷。这些案件都不是刑事性质的。目前没有一个案件处于开放状态。第4.5.1 节提供了10个最新案例的摘要。

Our bankruptcy, online, and media research did not find the company involved in any bankruptcy proceedings.
我们的破产、在线和媒体研究没有发现该公司涉及任何破产程序。

Research using regulatory databases, sanctions lists, and the media did not find any record of regulatory or enforcement action taken against the company.
使用监管数据库、制裁名单和媒体进行的研究没有发现任何针对该公司采取监管或执法行动的记录。

Lin Fanlian
林梵莲

Born on 25 June 1961, Lin is the legal representative and 98% shareholder in Order Group. As of 29 June 2021, Lin has an estimated net worth of USD 2.2 billion, according to Forbes.
1961 年 6 月25 日出生，是 Order Group 的法定代表人和98% 的股东。据《福布斯》报道，截至2021 年 6 月 29日，林的净资产估计为22亿美元。

Our online and media research, as well as source inquiries, did not find any major negative information involving Lin.
我们的在线和媒体研究以及消息来源查询没有发现任何涉及林的重大负面信息。

Litigation, Bankruptcy, and Regulatory Research
诉讼、破产和监管研究

Litigation research found one confirmed case involving Lin in mainland China in relation to an administrative action filed by the Heishan County Forestry and Grassland Administration (黑山县林业和草原局) (case no.: (2020) 辽 0726 行审 10 号). The action was dismissed after the court ruled that instead of Lin, the enforcement target should have been Heishan Order Group Gas Co. Ltd. (黑山奥德燃气有限公司), of which Lin is the legal representative.
诉讼研究发现，在中国大陆，林某与黑山县林业和草原局（黑山县林业和草原局）提起的行政诉讼有关，该案已确认。）（案件编号：（2020）辽 0726行审10号）。在法院裁定执行目标应为黑山市订单集团燃气有限公司而不是林后，该诉讼被驳回。Ltd.（黑山奥德燃气有限公司），林先生是该公司的法定代表人。

Litigation, online, and media research did not find the individual involved in any bankruptcy proceedings.
诉讼、在线和媒体研究没有发现涉及任何破产程序的个人。

Research using regulatory databases, sanctions lists, and the media did not find any record of regulatory or enforcement action taken against Lin.
使用监管数据库、制裁名单和媒体进行的研究没有发现任何针对 Lin 的监管或执法行动的记录。

Xie Yi
谢毅

Xie is the son-in-law of Lin, and is primarily involved in the real estate division of Order Group.
谢先生是林先生的女婿，主要负责OrderGroup的房地产事业。

Xie has a low public profile. Online and media references to him mostly relate to his participation in a meeting between Order Group representatives and the deputy principal of Shandong University that took place in May 2021, in which he was referenced as the deputy general manager of OCID.
谢光辉在公众面前的知名度很低。在线和媒体对他的提及主要与他参加了 2021 年 5 月举行的 Order Group 代表与山东大学副校长之间的会议有关，他在会议上被提及为 OCID副总经理。

Litigation, Bankruptcy, and Regulatory Research
诉讼、破产和监管研究

Our online, media, and public records research did not return any confirmed litigation, bankruptcy, or regulatory records involving Xie in mainland China or Hong Kong.
我们的在线、媒体和公共记录研究没有返回任何已确认的涉及Xie在中国大陆或香港的诉讼、破产或监管记录。

Order Group Co. Ltd.
OrderGroupCo.Ltd.[订单集团有限公司]

With around 200 subsidiaries and over 2,000 employees, Order Group’s operational footprint spans 200 cities in mainland China, and is largely divided into five geographical regions, Central China, Eastern China, Hebei province, Guangxi province, and Northeastern China, according to corporate filings, the company’s official website, and as corroborated by our sources.¹
Order Group 拥有约 200 家子公司和 2,000 多名员工，业务足迹遍布中国大陆的 200个城市，主要分为五个地理区域，即华中、华东、河北省、广西省和中国东北地区，根据公司文件、公司官网，以及我们的消息来源所证实。¹

Corporate records show the following information:
公司记录显示以下信息：

Name Order Group Co. Ltd.
名称OrderGroupCo.， Ltd.

奥德集团有限公司

Shandong Order Gas Co. Ltd. (山东奥德燃气有限公司), 29 Sep
山东德令燃气有限公司 Ltd.（山东奥德燃气有限公司）， 9 月 29日

Previous Names
以前的名字

2009–2 Nov 2018
2009 年- 2018 年 11 月 2 日

Linyi Order Gas Co. Ltd. (临沂奥德燃气有限公司), 5 Apr 2005–28 Sep 2009
临沂订单燃气有限公司 Ltd.（临沂奥德燃气有限公司），2005年 4 月 5 日至2009 年 9 月28 日

Registration Number 91371300773174985H
注册号91371300773174985H

Status Active
状态活动

Address
地址

No. 2345 Zhongsheng Street, Hedong District, Linyi, Shandong Province
山东省临沂市河东区中盛街 2345 号

(山东省临沂市河东区中昇街 2345 号)
（山东省临沂市河东区中昇街 2345号）

Officers
人员

Corporate records show that the company has the following corporate officers:
公司记录显示，该公司有以下公司高级职员：

Name Position
名称位置

Lin Fanlun (林凡伦) Supervisor
LinFanlun（林凡伦）监事

A complete profile of Lin Fanlian (林凡连, “Lin”) is included as part of this report.
本报告包含林凡连的完整简介。

Lin Fanlun (林凡伦) is the brother of Lin, according to Shandong Business Daily (山东商报) and confirmed by our source inquiries.² Lin Fanlun was one of the founders of Order Group (see sections 4.3.1 and 5.1.1).
据《山东商报》报道，林凡伦是林凡伦的兄弟，我们的消息来源查询证实了这一点。²林繁伦是 Order Group 的创始人之一（见第 4.3.1 节和第 5.1.1 节）。

¹ http://www.odc.hk/cms/p/31.html

² http://www.readmeok.com/2021-5/7_106145.html

Our online, media, and regulatory research did not find any negative issues with these officers.
我们的在线、媒体和监管研究没有发现这些警官有任何负面问题。

Shareholders
股东

Corporate records also show that the company has the following shareholders:
公司记录还显示，该公司有以下股东：

Name 名字	Shareholding Percentage 持股比例
Lin Fanlian (林凡连) 林凡连（LinFanlian）	98%
Lin Fanlun (林凡伦) 林凡伦	1%
Lin Bo (林波) 林波（Lin Bo）	1%

A complete profile of Lin is included as part of this report.
本报告包括 Lin 的完整简介。

According to a third-party corporate registration information aggregator, Lin has pledged the entirety of his equity stake in Order Group to China Minsheng Banking Co. Ltd. Linyi Branch (中国民生银行股份有限公司临沂分行) since 30 May 2019 (registration no.: 371300201905290003).
据第三方公司注册信息聚合商称，林已将其在OrderGroup 的全部股权质押给中国民生银行股份有限公司。 Ltd.自 2019 年 5 月 30 日起担任临沂分行（注册编号：371300201905290003）。

Lin Bo (林波) is the nephew of Lin, according to Shandong Business Daily (山东商报) and confirmed by our source inquiries.³ Lin Bo was one of the founders of Order Group (see sections 4.3.1 and 5.1.1). He is referenced in online media, including the official website of Order Group, as the president of Order Group.⁴
据山东商报（Shandong Business News）报道，林波（Lin Bo）是林波的侄子，并得到了我们的消息来源查询的证实。³林波是OrderGroup 的创始人之一（参见第 4.3.1 节和第 5.1.1 节）。包括Order Group 官方网站在内的在线媒体都提到了他作为 Order Group 的总裁。⁴

Our online, media, and regulatory research did not find any negative issues with these shareholders.
我们的在线、媒体和监管研究没有发现这些股东有任何负面问题。

Business Operations
业务运营

Overview
概述

Order Group, originally called Linyi Order Gas Co. Ltd. ( 临沂奥德燃气有限公司), was incorporated in April 2005, according to corporate records. As founders of the company, Lin – along with his brother Lin Fanlun and his nephew Lin Bo – saw a good investment opportunity in entering the natural gas industry when the mainland Chinese government’s West-East Gas Pipeline (西气东输) project reached their hometown of Linyi, according to Shandong Business Daily.⁵
Order Group，原名临沂Order Gas Co. Ltd.（临沂奥德燃气有限公司）成立于2005 年 4 月，根据公司记录。作为公司的创始人，林先生和他的兄弟林凡伦先生和侄子林波先生在中国大陆政府的西气东气公司成立时，看到了进入天然气行业的良好投资机会据《山东商报》报道，管道（西气东输）项目到达了他们的家乡临沂。⁵

According to Shandong Business Daily and as corroborated by a former director of the Northeastern China region in the natural gas division, Order Group’s main business is the distribution and installation of natural gas infrastructure and gas refueling stations for vehicles.⁶ Its natural gas business accounts for more than 80% of the group’s total revenue.⁷ According to the same source, Order Group’s main suppliers include PetroChina ( 中国石油), Shandong Zhongmin Gas Trading Co. Ltd. (山东中民燃气贸易有限公司), and Sinopec (中國石化), as corroborated by our broader public domain research and source inquiries.⁸ Shandong Business
据《山东商报》报道，正如天然气事业部东北地区前总监所证实的那样，Order Group 的主要业务是天然气基础设施和车辆加气站的配送和安装。⁶ 其天然气业务占集团总收入的 80% 以上。⁷根据同一消息来源，Order Group 的主要供应商包括 PetroChina （中国石油）、山东中民燃气贸易有限公司。（山东中民燃气贸易有限公司）和中国石化（Sinopec），我们更广泛的公共领域研究和来源查询证实了这一点。⁸山东业务

³ http://www.readmeok.com/2021-5/7_106145.html

⁴ http://www.odc.hk/cms/p/31.html

⁵ http://www.readmeok.com/2021-5/7_106145.html

⁶ http://www.readmeok.com/2021-5/7_106145.html

⁷ http://www.readmeok.com/2021-5/7_106145.html

⁸ http://www.readmeok.com/2021-5/7_106145.html

News (山东财经报道) reports that in 2016, Order Group purchased CNY 4.98 billion (USD 770 million) worth of natural gas from PetroChina, accounting for approximately 75% of Order Group’s total procurement amount that year.⁹
据《山东财经报道》报道，2016 年，OrderGroup从中石油购买了价值 49.8亿元人民币（7.7 亿美元）的天然气，约占OrderGroup 总采购金额的 75%。年。⁹

According to a bond credit rating report from China Chengxin International Credit Rating Co. Ltd. (中诚信国际信用评级有限责任公司) published in June 2020 for two of Order Group’s public Chinese yuan-denominated bonds, in which both bonds received AA+ ratings, Order Group occupies 90% of the natural gas market share in nine counties and three districts in Linyi.¹⁰ Order Group sells natural gas to both residential and commercial consumers. The latter of which was sold 3.23 billion cubic meters of natural gas, accounting for more than 90% of the company’s total sales in 2016, according to Shandong Business News.¹¹
根据中国诚信国际信用评级有限公司的债券信用评级报告。有限公司。 2020 年 6 月，对于订单集团的两只公开发行的中国人民币债券，订单集团在临沂市九县三区占据了 90% 的天然气市场份额。¹⁰Order Group向住宅和商业消费者销售天然气。根据 2016 年公司的数据，后者的天然气销量为 32.3亿立方米，占该公司2016 年总销售额的 90% 以上山东财经新闻¹¹

According to the bond credit rating report, by the end of 2019, Order Group had 99 gas supply stations, 85 gas refueling stations, a gas pipeline network exceeding 28,000 kilometers, and a daily supply rate of gas exceeding 22 million cubic meters.
根据债券信用评级报告，截至2019 年底，OrderGroup拥有99 个供气站、85 个加气站，燃气管网超过 28000 公里，日供气速率超过 2200 万立方米。

As a result of the success of Order Group’s natural gas business, the group was able to expand into other business areas, including real estate development, financial products, agricultural development, etc., according to the former director of the Northeast region in the natural gas division and a sales manager of Order Group’s real estate division. However, sources claim that Order Group’s natural gas division still remains the group’s most profitable and important business area.
据天然气东北地区前总监称，由于 Order Group 天然气业务的成功，该集团得以扩展到其他业务领域，包括房地产开发、金融产品、农业开发等OrderGroup房地产部门的部门和销售经理。然而，消息人士称，Order Group 的天然气部门仍然是该集团最赚钱和最重要的业务领域。

Industry Standing and Financial Performance
行业地位和财务业绩

According to the abovementioned June 2020 credit rating report published by China Chengxin International Credit Rating Co. Ltd., Order Group is considered to have a regional monopoly on the natural gas market in Linyi, as multiple sources have also noted.¹² The group also has natural gas operation permits in several other provinces, including Hebei, Liaoning, and Heilongjiang provinces.¹³
根据上述中国诚信国际信用评级有限公司发布的2020年 6 月信用评级报告，OrderGroup被认为对正如多个消息来源所指出的那样，临沂的天然气市场。¹²该集团还在其他几个省份拥有天然气经营许可证，包括河北省、辽宁省和黑龙江省。¹³

According to Order Group’s financial statements, which are cited in the credit rating report, for the 2019 financial year, Order Group had CNY 35.8 billion (USD 5.54 billion) in total assets, and the group reported a net profit of CNY 2.26 billion (USD 350 million). The net profit amount represents a year-on-year decrease of 1.14%.
根据信用评级报告中引用的 OrderGroup 财务报表，在2019财年，OrderGroup 的总资产为 358亿元人民币（55.4亿美元）资产，该集团报告的净利润为 22.6 亿元人民币（3.5 亿美元）。净利润金额同比下降1.14%。

Investment in Smart Manufacturing and Integrated Energy Services
投资智能制造和综合能源服务

According to Shandong Business Daily, in 2016, Order Group began to recognize the importance of streamlining its overall production output.¹⁴ As such, investments in smart manufacturing and providing integrated energy services (综合能源服务) to its customers became a priority for the group in the following years.
据《山东商报》报道，2016 年，OrderGroup开始认识到简化其整体生产量的重要性。¹⁴ 因此，在接下来的几年里，投资于智能制造和为客户提供综合能源服务成为该集团的优先事项。

http://sd.sina.com.cn/linyi/2019-04-26/city-ly-ihvhiqax5181687.shtml

⁹ https://read01.com/zh-cn/PMR4mON.html#.YNQjihMzYUt
⁹https://read01.com/zh-cn/PMR4mON.html# 中。YNQjihMzYUt

¹⁰ https://pdf.dfcfw.com/pdf/H2_AN202006121384426123_1.pdf

¹¹ https://read01.com/zh-cn/PMR4mON.html#.YNQjihMzYUt
¹¹https://read01.com/zh-cn/PMR4mON.html# 中。YNQjihMzYUt

¹² https://pdf.dfcfw.com/pdf/H2_AN202006121384426123_1.pdf

¹³ http://www.lunannews.com/toutiao/20170512807.html

¹⁴ http://www.readmeok.com/2021-5/7_106145.html

In June 2016, Order Group invested CNY 1 billion (USD 155 million) to build the Order Equipment Smart Manufacturing Industrial Park (奥德装备智造产业园), which includes 23 polyethylene gas pipe production lines and 6 pipe fitting production lines, according to a report from Langya News Media.¹⁵ This has enabled Order Group to increase its energy system efficiency, thereby cutting costs and lowering the overall environmental impact of its energy production. By 2018, Order Group had established several research centers as it continued to devote further resources into developing its smart energy equipment and capabilities, according to the same source.
2016 年 6 月，OrderGroup投资10亿元人民币（1.55亿美元）建造了OrderEquipment 智能制造产业园（奥德装备智造产业园），其中包括23 个聚乙烯燃气管材生产线和6 条管件生产线，据琅琊新闻媒体报道。¹⁵这使OrderGroup能够提高其能源系统效率，从而降低成本并降低其能源生产对环境的整体影响。据同一消息来源称，到 2018 年，Order Group已经建立了多个研究中心，同时继续投入更多资源开发其智能能源设备和能力。

According to Sina Shandong, in June 2019, Order Group successfully launched the first phase of its development project called the Natural Gas Smart Distributed Energy Project (天然气分布式智慧能源项目) through its subsidiary Shandong Order Shengkai Energy Co. Ltd. (山东奥德圣凯能源有限公司), which became the largest industrial park comprehensive smart energy internet demonstration project ( 工业园区综合智慧能源互联网示范项目) in Shandong province. ¹⁶ According to Sina Shandong, the amount invested in the first phase was CNY 250 million (USD 38.7 million). The total amount invested in this project is estimated to be around CNY 1 billion (USD 155 million) and is projected to generate up to 100MW of electricity, according to the same source.
据山东新浪报道，2019 年 6 月，OrderGroup成功启动了其开发项目的第一阶段，称为天然气分布式分布式能源项目（天然气分布式智慧能源项目）通过其子公司山东订单盛开能源有限公司。 Ltd.（山东奥德圣凯能源有限公司），成为山东省最大的工业园区综合智慧能源互联网示范项目。 ¹⁶ 据山东新浪称，第一阶段的投资金额为2.5亿元人民币（3870 万美元）。该项目的总投资额估计约为 10亿元人民币（1.55亿美元），预计发电量高达100MW电力，根据同一消息来源。

Moreover, in September 2020, Order Group announced during the 16^th China Distributed Energy Global Forum (第十六届中国分布式能源国际论坛) held in Shandong province that it would be working with Shandong University (山东大学) to conduct a pilot program called the “Seven-in- One” (七位一体) project. The goal of the project is to create distributed energy solutions to improve energy efficiency through Order Group’s ENergy Valley Network (能谷网, “ENVN”), a smart energy trading platform that utilizes artificial intelligence and big data analytics, according to Order Group’s corporate website and the project abstract outlined by the mainland Chinese publishing institution CNKI (中国知网).¹⁷
此外，2020 年 9 月，OrderGroup在山东省举行的^第十六届中国分布式能源国际论坛上宣布将开展工作与山东大学（Shandong University）开展了一项名为“七位一体”（Seven-in- One）项目的试点计划。该项目的目标是通过 OrderGroup 的ENergyValleyNetwork（能谷网，“ENVN”）创建分布式能源解决方案，以提高能源效率，这是一个利用人工智能和根据 OrderGroup 的公司网站和中国大陆出版机构 CNKI（中国知网）概述的项目摘要，进行大数据分析。¹⁷

Development of Real Estate Division
房地产事业部的发展

In addition to engaging in natural gas transmission, system management, and network maintenance, Order Group has been expanding its real estate division since 2016, according to our sources. According to the former director of the Northeastern China region in the natural gas division, Shandong Order City Investment & Development Co. Ltd. (山东奥德城投开发有限公司, “OCID”), the main operating real estate development subsidiary of Order Group, was established after the group had reached a level of stability and profitability in its natural gas division. This is Order Group’s second largest business area behind its natural gas division, according to a general project assistant in the real estate division of Order Group. OCID remains a stable but relatively small enterprise even within Shandong province, although a civil engineer at Linyi Order Real Estate Development Co. Ltd. (临沂奥德置业发展有限公司), which is a subsidiary of OCID, claims that the group’s real estate division enjoys a positive reputation in Linyi.
据我们的消息来源称，除了从事天然气输送、系统管理和网络维护外，OrderGroup 自 2016 年以来一直在扩大其房地产部门。据天然气部门东北地区前总监山东奥德城投资开发有限公司（“OCID”）介绍，主要运营房地产开发项目OrderGroup的子公司是在该集团的天然气部门达到一定水平的稳定性和盈利能力后成立的。据 OrderGroup 房地产部门的一位总项目助理称，这是 Order Group 仅次于天然气部门的第二大业务领域。 OCID仍然是一家稳定但相对较小的企业，尽管他是 OCID 子公司临沂奥德置业发展有限公司的土木工程师声称该集团的房地产部门在临沂享有良好的声誉。

According to our sources, Lin’s daughter Lin Yujing (林雨静) oversees Order Group’s real estate division, and Lin’s son-in-law, Xie Yi (谢翼), who is the legal representative of Linyi Order Real
根据我们的消息来源，林的女儿林雨静负责秩序集团的房地产部门，而林的女婿谢翼是法务临沂订单实业代表

¹⁵ http://www.langya.cn/lyxw/zxwlyyw/201911/t20191125_606589.html

¹⁶ http://sd.sina.cn/linyi/2019-06-14/detail-ihvhiqay5561279.d.html?from=qudao
¹⁶http://sd.sina.cn/linyi/2019-06-14/detail-ihvhiqay5561279.d.html？from=曲道

¹⁷ http://wap.envn.cn/cms/p/59.html https://oversea.cnki.net/kcms/detail/detail.aspx?filename=MQRL201908003001&dbcode=CPFD&dbname=CPFDTE MP&v=

Estate Development Co. Ltd., is also believed to be primarily involved in the real estate division and works closely with Lin Yujing.
据信，Estate DevelopmentCo.Ltd. 也主要参与房地产部门，并与LinYujing 密切合作。

The civil engineer said that OCID is in charge of around 10 development projects, most of which are residential properties. Some of its major projects include Order Bauhinia City Residential Area (奥德紫荆城), Order International Business Center (奥德国际商务中心), Phoenix New Town (凤凰新城新天地), and Order Begonia (奥德海棠), as referenced in OCID’s corporate website and in our broader public domain research. ¹⁸ A procurement manager in Order Group’s real estate division estimates that in recent years, Order Group has invested in around 40-50 real estate projects, the majority of which are not managed by the group directly. Multiple sources said that the company’s projects are generally considered to be high-quality and upscale residential property developments. The sales manager of Order Group’s real estate division claimed that a lot of the group’s architectural designs are inspired by the Singapore-listed real estate developer Yanlord Land Group Limited (仁恒置地, Z25.SI). Multiple sources have emphasized the fact as a developer, Order Group is highly detail-oriented and does not tend to rush any of their projects. According to a consultant for the group’s real estate division, Order Group would hire external designers from the top design institutes in the country to help with their projects.
这位土木工程师表示，OCID负责大约10 个开发项目，其中大部分是住宅物业。其主要项目包括OrderBauhiniaCityResidentialArea （奥德紫荆城）、OrderInternationalBusinessCenter （奥德国际商务中心）、PhoenixNewTown （凤凰新城新天地）和OrderBegonia （订购海棠）（奥德海棠），如OCID的公司网站和我们更广泛的公共领域研究中引用的那样。 ¹⁸Order Group 房地产部门的一位采购经理估计，近年来，Order Group 投资了大约 40-50 个房地产项目，其中大多数项目并非由集团直接管理。多个消息来源表示，该公司的项目通常被认为是高质量和高档的住宅物业开发项目。 OrderGroup房地产部门的销售经理声称，该集团的很多建筑设计都受到新加坡上市房地产开发商的启发仁恒置地（YanlordLandGroupLimited， Z25.SI）. 多个消息来源强调了这样一个事实：作为开发人员，OrderGroup非常注重细节，并且不倾向于急于完成他们的任何项目。据该集团房地产部门的一位顾问称，OrderGroup将从该国顶级设计机构聘请外部设计师来帮助他们的项目。

The same source believes that the real estate division’s future prospects are positive, in part due to Order Group’s long-standing and favorable ties with regional governments and financial institutions. Specifically, the aforementioned sales manager source explained that Order Group has a positive relationship with the Linyi government, which has aided the group’s real estate development in the region. Moreover, instead of actively recruiting talent from larger real estate developers, Order Group usually partners with lesser-known local companies in the areas in which the development projects take place, which sources consider to be a successful business model. For example, according to the aforementioned general project assistant and a chief engineer at Order Group, Order Group partners with Shandong Zhengzhi Holding Group Co. Ltd. (山东正直控股集团有限公司, “Zhengzhi Group”) on a regular basis. Zhengzhi Group began as a driving school and later expanded to real estate development, according to the source and corroborated by Zhengzhi Group’s corporate website.¹⁹ Corporate filings show that in April 2016, OCID and Zhengzhi Group formed a joint entity called Shandong Auzen Group Co. Ltd. (山东奥正集团有限公司, “Auzen Group”), which is primarily engaged in urban agriculture investment and development, according to its corporate website.²⁰
同一消息人士认为，房地产部门的未来前景是乐观的，部分原因是 Order Group 与地方政府和金融机构建立了长期而良好的关系。具体来说，前述销售经理消息人士解释说，OrderGroup与临沂政府有着积极的关系，这为该集团的房地产提供了帮助该地区的发展。此外，Order Group 通常与开发项目所在地区不太知名的当地公司合作，而不是积极从大型房地产开发商那里招聘人才，消息人士认为一个成功的商业模式。例如，根据上述 OrderGroup 的项目总助理兼总工程师的说法，OrderGroup与山东正智控股集团有限公司合作。 Ltd.（山东正直控股集团有限公司，“正直集团”）定期。据消息人士称，正志集团最初是一家驾校，后来扩展到房地产开发，并得到了正志集团公司网站的证实。¹⁹公司文件显示，2016 年 4 月，OCID和正志集团成立了一个名为山东奥善集团有限公司的联合实体。 Ltd.（山东奥正集团有限公司，“Auzen Group”）的主要从事城市农业投资和开发。²⁰

Given the quality of their developments and the reputation Order Group enjoys, many of the residential developments have been well-received by the public, according to the consultant. As such, the residential units could sell for CNY 9,500-10,000 (USD 1,500-1,550) per m², whereas the average range for newer developments in Linyi is close to CNY 5,500-6,000 (USD 850-930) per m².
据顾问称，鉴于他们的开发项目质量和 Order Group 享有的声誉，许多住宅开发项目都受到了公众的好评。因此，住宅单元的售价为每^平方米 9,500-10,000 元人民币（1,500-1,550 美元），而临沂新开发项目的平均价格接近5,500-6,000 元人民币。850-930 美元）每米².

Current Equity Pledges
当前股权质押

According to information provided by a third-party corporate registration information aggregator and as corroborated by our online and media research, Order Group has currently pledged its
根据第三方公司注册信息聚合商提供的信息以及我们的在线和媒体研究的证实，OrderGroup目前已承诺将其

¹⁸ http://chengtou.odc.hk/#subsite4_jianjie https://house.leju.com/lb117060/ http://www.lyzhongyuan.com/Content/Detail/216
¹⁸http://chengtou.odc.hk/#subsite4_jianjie https://house.leju.com/lb117060/ http://www.lyzhongyuan.com/Content/Detail/216

¹⁹ http://www.zhengzhijituan.com/guanyu/jianjie/

²⁰ http://www.aozhengjituan.cn/jituan/

equity stakes in the following companies to various financial institutions, all of which are still valid. The total pledged amount is CNY 1,096,500,000 (USD 170 million).
向各种金融机构出售以下公司的股权，所有这些股权仍然有效。总质押金额为1,096,500,000 元（1.7亿美元）。

Pledge Registration No.
誓约登记号

Company in Which Order Group’s Shares Have Been Pledged
OrderGroup的股份已质押的公司

Ningyang
宁阳 Hongao
虹澳

Pledgee
质权人

China Minsheng Banking Co. Ltd. Linyi
中国民生银行股份有限公司有限公司临沂

Pledged Amount (CNY)
质押金额（CNY）

31.5

Registration Date
注册日期

370921201805230010

Order Gas Co. Ltd. (宁阳鸿奥燃气有限公司)
订购GasCo. Ltd.（宁阳鸿奥燃气有限公司）

China Minsheng
中国民生

Branch
分支

(中国民生银行股份有限公司临沂分行)
（中国民生银行股份有限公司临沂分行）

Industrial and Commercial Bank of
工商银行

million 23 May 2018
百万23五月2018

0020160406²¹	Investment Co. Ltd. InvestmentCo.Ltd.（投资有限公司） (中国民生投资股份有限公司) （中国民生投资股份有限公司） Boye County Order 博野县令	China Linyi Hedong Branch 中国临沂河东分公司 (中国工商银行股份有限公司临沂河东支行) （中国工商银行股份有限公司临沂河东支行） Dongxing Securities 东兴证券	1 billion 10亿	14 Dec 2016 1412月 2016
50006817	Gas Co. Ltd. (博野县 GasCo. Ltd. （博野县	Co. Ltd. (东兴证券股份东兴证券股份	9 million 900 万	4 Dec 2015 412月 2015
	奥德燃气有限公司) 奥德燃气有限公司）	有限公司) 有限公司）
	Zhangwu Order Gas 张武订购气	Dongxing Securities 东兴证券
A2109222015013692	Co. Ltd. (彰武奥德燃 Co. Ltd. （彰武奥德燃	Co. Ltd. (东兴证券股份东兴证券股份	4 million 400万	3 Dec 2015 312月 2015
	气有限公司) 气有限公司）	有限公司) 有限公司）
	Guyuan Order Gas Co. 固源令燃气有限公司	Dongxing Securities 东兴证券
50006782	Ltd. (沽源奥德燃气有 Ltd.（沽源奥德燃气有	Co. Ltd. (东兴证券股份东兴证券股份	4 million 400万	1 Dec 2015 112月 2015
	限公司) 限公司）	有限公司) 有限公司）

50000364

Xiongxian New Changhong Gas Co. Ltd. (雄县新长虹燃气有限公司)
XiongxianNew Changhong Gas Co.， Ltd. 雄县新长虹燃气有限公司（雄县新长虹燃气有限公司）

China Minsheng Banking Co. Ltd. Linyi Branch
中国民生银行股份有限公司临沂分行

(中国民生银行股份有限公司临沂分行)
（中国民生银行股份有限公司临沂分行）

2.4 million 7 Mar 2014
240万2014 年 3 月 7 日

A1400013501

Diaobingshan Order Gas Co. Ltd. (调兵山奥德燃气有限公司)
钓鱼山订单燃气有限公司 Ltd（调兵山奥德燃气有限公司）

China Minsheng Banking Co. Ltd. Linyi Branch
中国民生银行股份有限公司临沂分行

(中国民生银行股份有限公司临沂分行)
（中国民生银行股份有限公司临沂分行）

9.8 million 26 Feb 2014
980万2月 26 2014

²¹ http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/BOND/2018/2018-8/2018-08-29/8720348.PDF

	Tai’an Order Gas Co. 泰安订单燃气有限公司	China Minsheng Banking Co. Ltd. Linyi 中国民生银行股份有限公司临沂
A1400011781	Ltd. (台安奥德燃气有 Ltd.（台安奥德燃气有限公司) 限公司）	Branch 分支 (中国民生银行股份有限（中国民生银行股份有限公司	2.4 million 240万	24 Feb 2014 24二月2014
		公司临沂分行) 公司临沂分行）
		China Minsheng 中国民生
	Liaoyang Order Gas 辽阳订购气	Banking Co. Ltd. Linyi BankingCo.Ltd.临沂
A1400006489	Co. Ltd. (辽阳奥德燃 Co. Ltd. （辽阳奥德燃气有限公司) 气有限公司）	Branch 分支 (中国民生银行股份有限（中国民生银行股份有限公司	4 million 400万	20 Feb 2014 20二月 2014
		公司临沂分行) 公司临沂分行）
		China Minsheng 中国民生
	Jianchang Order Gas 建昌订购燃气	Banking Co. Ltd. Linyi BankingCo.Ltd.临沂
A1400009465	Co. Ltd. (建昌奥德燃 Co. Ltd. （建昌奥德燃气有限公司) 气有限公司）	Branch 分支 (中国民生银行股份有限（中国民生银行股份有限公司	1.8 million 180万	19 Feb 2014 19二月2014
		公司临沂分行) 公司临沂分行）
		China Minsheng 中国民生
50000212	Lixian Order Gas Co. Ltd. (蠡县奥德燃气有利县订单燃气有限公司 Ltd.（蠡县奥德燃气有	Banking Co. Ltd. Linyi Branch BankingCo.Ltd.临沂分行	9 million 900 万	18 Feb 2014 18二月2014
	限公司) 限公司）	(中国民生银行股份有限（中国民生银行股份有限公司
		公司临沂分行) 公司临沂分行）
		China Minsheng 中国民生
	Changtu Order Gas 昌图订购燃气	Banking Co. Ltd. Linyi BankingCo.Ltd.临沂
A1400010359	Co. Ltd. (昌图奥德燃气有限公司) 公司Ltd.（昌图奥德燃气有限公司）	Branch 分支 (中国民生银行股份有限公司临沂分行) （中国民生银行股份有限公司临沂分行）	9 million 900 万	17 Feb 2014 17二月2014

Public Profile and Reputation
公众档案和声誉

Order Group has a high public profile. Online and media references to it mostly relate to its financial performance and announcements of its strategic cooperation with various entities.
Order Group 的公众知名度很高。在线和媒体对它的引用主要与其财务业绩和与各种实体的战略合作公告有关。

Multiple sources with whom we spoke believe that this naturally creates job stability and provides good conditions for Order Group employees, because the business volume for the group will always be relatively predictable.
与我们交谈的多位消息人士认为，这自然会创造工作稳定性，并为 Order Group 员工提供良好的条件，因为该集团的业务量总是相对可预测的。

According to the general project assistant at Order Group’s real estate division, the group bears the mark of a state-owned enterprise, without actually being one, insofar as it provides a stable working environment that caters to the older demographic within the group. As long as employees perform consistently and do not commit any major mistakes, they will have job security.
据 OrderGroup房地产事业部的项目总助理介绍，该集团在提供一个稳定的工作环境，迎合集团内的老年人群。只要员工表现始终如一，不犯任何重大错误，他们就会有工作保障。

The same source also noted that the management team is relatively conscientious and prudent, and that the team enjoys a positive reputation both internally and externally. For example, when the group first decided to expand its real estate division, Lin’s daughter diligently sought advice from a group of expert consultants, who advised on the group’s overall strategy in the real estate sector.
同一消息人士还指出，管理团队相对认真谨慎，团队在内部和外部都享有良好的声誉。例如，当该集团最初决定扩大其房地产部门时，Lin 的女儿勤奋地向一群专家顾问寻求建议，这些专家顾问为集团的房地产行业的整体战略。

Moreover, although the average salaries at Order Group are average compared to other similar companies, employee benefits are said to be decent, according to multiple sources. Employees are encouraged by the job stability the group provides overall, which is also a reason why potential candidates are drawn to their business.
此外，根据多个消息来源，尽管 OrderGroup的平均工资与其他同类公司相比是平均水平，但据说员工福利还不错。集团提供的整体工作稳定性让员工感到鼓舞，这也是潜在候选人被他们的业务所吸引的一个原因。

Our online media research and source inquiries found the following negative issues involving the company and its subsidiaries.
我们的在线媒体研究和来源查询发现了以下涉及该公司及其子公司的负面问题。

Order City Investment Co. Ltd. Involved in Land Purchase Dispute
OrderCityInvestmentCo.Ltd.卷入土地购买纠纷

According to multiple local and mainstream media outlets, including Sina Finance, in April 2014, OCID, a real estate development subsidiary of Order Group, reached an agreement with Shanghai Mingyuan Enterprise Group Co. Ltd. (上海铭源实业集团有限公司, “Shanghai Mingyuan”) to acquire a plot of land in Linyi, Shandong province, called the Bauhinia City Residential Area (紫荆城住宅小区).²² The sellers, Yao Yuan (姚原) and Yao Yung (姚湧) (hereafter the “Yao brothers”), claimed to own 75% of the asset through a British Virgin Islands-registered entity called Xianming Management Co. Ltd. (显明管理有限公司), which was incorporated in 2007. However, it was later discovered that the Yao brothers in fact only owned 25% of the holding company. The remaining 75% was owned by a Hong Kong businessman named Hong Jianming (洪建明, “Hong”).
据包括新浪财经在内的多家当地和主流媒体报道，2014 年 4 月，OrderGroup 的房地产开发子公司 OCID 达成了与上海明源企业集团有限公司签订协议（上海铭源实业集团有限公司，“上海铭源实业”）收购山东省临沂市的一块土地，称为紫荆城住宅小区。²²卖方姚原和姚湧（下称「姚氏兄弟」）声称通过英国处女拥有该资产75%的资产在岛屿上注册的实体，称为Xianming ManagementCo. Ltd.（显明管理有限公司），该公司成立于2007 年。然而，后来发现，姚氏兄弟实际上只拥有控股公司 25% 的股份。其余 75% 的股份由一位名叫洪建明的香港商人（“洪建明”）拥有。

As a result, OCID paid the money to the Yao brothers but did not get the land in return. According to an article from CB.com, OCID subsequently “conspired with” the Yao brothers to “rip off” Hong to compensate for OCID’s loss. According to the articles, aided by multiple regulatory bodies and regional courts in Linyi, the Yao brothers and OCID subsequently facilitated the transfer of CNY 600 million (USD 93.1 million, this sum includes liquidated damages) worth of assets through various channels, including court enforcement orders, auctions, mortgages, and land transfers, to OCID as a form of compensation. All this was conducted without the knowledge of Hong, as he was not a party in the subsequent arbitration proceeding (case no.: （2015）临仲裁字第 191 号). Hong only discovered in June 2016 that Shanghai Mingyuan’s land ownership rights for certain undeveloped land had been transferred to OCID.
结果，OCID 将钱付给了姚氏兄弟，但没有得到土地作为回报。根据 CB.com 的一篇文章，OCID 随后与姚氏兄弟“合谋”“敲诈”洪，以补偿 OCID 的损失。根据文章，在临沂的多个监管机构和地方法院的协助下，姚氏兄弟和OCID随后促成了 6亿元人民币（9310万美元，这笔款项包括清算的款项）损害赔偿）通过各种渠道（包括法院执行令、拍卖、抵押和土地转让）向 OCID 提供资产价值的赔偿。所有这一切都是在洪不知情的情况下进行的，因为他不是随后仲裁程序的当事人（案件编号：（2015）临仲裁字第 191 号）。 Hong 在 2016年 6 月才发现，上海明远对某些未开发土地的土地所有权已转让给OCID。

In addition, the Yao brothers are sons of Yao Xiufa (姚秀发), the former deputy director-general of the Shanghai Party Committee General Office, a high-ranking government official. According to media coverage, the brothers allegedly have a track record of disreputable business dealings.²³
此外，姚氏兄弟是上海市委办公厅前副主任姚秀发的儿子，姚秀发是政府高级官员。据媒体报道，据称这对兄弟有声名狼藉的商业交易记录。²³

Our public domain research found that Bauhinia City Residential Area is currently called Order Bauhinia City Residential Area (奥德紫荆城), according to OCID’s corporate website and as corroborated by a mainland Chinese real estate information website, which suggests that ownership of the plot of land in question was ultimately transferred to OCID.²⁴
我们的公共领域研究发现，紫荆城住宅区目前被称为奥德紫荆城，根据 OCID 的公司网站，并得到中国大陆房地产信息网站的证实，这表明有问题的地块最终被转让给OCID。²⁴

Our online media research and source inquiries did not find any further updates regarding this issue. None of the sources we spoke to were aware of this incident. Sources generally pointed out that Order Bauhinia City Residential Area was a project done more than six to seven years ago so they were not aware of this land dispute. Sources did not think this incident had any major impact on the group’s reputation or operations.
我们的在线媒体研究和来源查询没有找到有关此问题的任何进一步更新。我们采访的消息来源都没有意识到这件事。消息人士普遍指出，OrderBauhiniaCityResidentialArea是一个超过 6至7年前完成的项目，因此他们不知道这块土地纠纷。消息人士认为，这一事件没有对该组织的声誉或运营产生任何重大影响。

²² https://kknews.cc/finance/yz4e3j.html http://www.cb.com.cn/zjssb/2016_1017/1170243.html http://finance.sina.com.cn/roll/2016-09-29/doc-ifxwkzyh3785253.shtml http://finance.sina.com.cn/roll/2016-11-16/doc- ifxxwrwk1267540.shtml?cre=financepagepc&mod=f&loc=3&r=9&doct=0&rfunc=100
²²https://kknews.cc/finance/yz4e3j.htmlhttp://www.cb.com.cn/zjssb/2016_1017/1170243.html http://finance.sina.com.cn/roll/2016-09-29/doc-ifxwkzyh3785253.shtml http://finance.sina.com.cn/roll/2016-11-16/doc-ifxxwrwk1267540.shtml？cre=financepagepc&mod=f&loc=3&r=9&doct=0&rfunc=100

²³ http://www.nikest.com/web/hot/2017/0112/190783_3.html http://www.cb.com.cn/zjssb/2016_1017/1170243.html https://kknews.cc/zh-cn/finance/n28arg.html

²⁴ http://chengtou.odc.hk/#subsite4_jianjie https://www.fang.com/daogou/esf-linyi-39635559.html
²⁴http://chengtou.odc.hk/#subsite4_jianjie https:// www.fang.com/daogou/esf-linyi-39635559.html

Chairman of Tieling Order Gas Co. Ltd. Implicated in Bribery Case
铁岭令气体有限公司董事长涉案贿赂案

According to an online media article from Chinese media outlet KKNews, in late 2013, the chairman of Tieling Order Gas Co. Ltd. (铁岭奥德燃气有限公司, “Tieling Order Gas”) surnamed Lin (林) was found to have issued bribes worth a total of CNY 400,000 (USD 62,000) on two separate occasions to the supervisor of the Tieling Commission of Housing and Rural and Urban Construction (铁岭市住房和城乡建设委员会), Wang Yingwei (王英伟).²⁵ The report also noted that Wang Yingwei took bribes from more than 20 other individuals. Wang Yingwei was sentenced to 12 years in prison and received a CNY 1 million (USD 155,000) penalty in 2019.
根据中国媒体 KKNews 的一篇网络媒体文章，2013 年底，铁岭订单燃气有限公司董事长。 Ltd.铁岭奥德燃气有限公司，“铁岭令气”）姓林被发现在两个不同的场合向铁岭市住房和农村委员会的监督员行贿，总额为 400,000 元人民币（62,000 美元），以及Urban Construction （铁岭市住房和城乡建设委员会）， Wang Yingwei （王英伟）.²⁵该报告还指出，王英伟收受了其他 20 多人的贿赂。王英伟于2019 年被判处 12年有期徒刑，并被判处 100 万元人民币（155,000 美元）的刑罚。

Alleged “Malicious Arbitration” Involving Order Group
涉嫌涉及OrderGroup 的“恶意仲裁”

According to an article reposted by Sohu and 163.com in May 2020, Order Group and Linyi Liqun Real Estate Development Co. Ltd. (临沂市利群房地产开发有限公司, “Linyi Liqun”) went through “malicious” (恶意) and “fraudulent” (虛假) arbitration proceeding in 2016, which ultimately resulted in the alleged seizure of assets of Shandong Taishengheng Real Estate Co. Ltd. (山东泰盛恒房地产有限公司, “Shandong Taishengheng”) by the Linyi Arbitration Committee (临沂仲裁
根据搜狐和163.com 在 2020年 5 月转发的一篇文章，Order Group和临沂立群房地产开发有限公司。 Ltd.（临沂市利群房地产开发有限公司，“临沂市利群”）于 2016 年通过“恶意”和“欺诈”（假）仲裁程序，最终导致山东泰盛恒地产的资产被指控没收Estate Co. （屋邨公司） Ltd.（山东泰盛恒房地产有限公司，“山东泰盛恒”）由临沂仲裁委员会

²⁵ https://kknews.cc/zh-sg/society/z94r8aq.html
²⁵https://kknews.cc/zh-sg/society/z94r8aq.html

委员会) (case no.: (2017) 临仲裁字第 414 号).²⁶ The article claims that Shandong Taishengheng’s petition to annul the previous arbitration decision to the Linyi Intermediate People’s Court (临沂市中级人民法院) was dismissed for more than two years, leaving it “little option but to seek media exposure.”
委员会）（案件编号：（2017）临仲裁字第414号）。²⁶ 文章称，山东泰盛恒向临沂市中级人民法院提出的撤销先前仲裁裁决的请求被驳回，理由是两年多，让它“别无选择，只能寻求媒体曝光”。

Based on our litigation and public domain research on the above entities, we did not identify any additional information regarding the above arbitration proceeding. We identified litigation records involving the three companies (case nos.: （2019）最高法民申 2271 号 and （2019）鲁民再 963 号) relating to appeals against a real estate development, as well as a management contract dispute (case no.: 东省高级人民法院（2018）鲁民终 1414 号), details of which do not appear to be publicly available. We note that Linyi Liqun’s two shareholders, Yang Guijun (杨贵军) and Wang Buxin (王步新), are both currently included on the High Consumption Restriction List (限制消费令) in relation to various unresolved disputes.
根据我们对上述实体的诉讼和公共领域研究，我们没有发现有关上述仲裁程序的任何其他信息。我们确定了涉及这三家公司的诉讼记录（案件编号。：（2019）最高法民申 2271号 and（2019）鲁民再 963号），涉及房地产开发上诉及经营合同纠纷（案号：东省高级人民法院（2018）鲁民终 1414 号），未显示详情以公开可用。我们注意到，临沂利群的两名股东杨贵军和王步新目前均被列入限制消费令涉及各种未解决的争议。

Operation of Gas Pipelines by Order Group Without Proper Approvals
未经适当批准按订单组运营燃气管道

We identified at least two instances in which Order Group has operated gas pipelines without proper approval.
我们确定了至少两个OrderGroup在未经适当批准的情况下运营天然气管道的情况。

In August 2020, the Tongliao City Commission for Discipline Inspection (通辽市纪委监委) reported that in April 2020, the former head of the construction project management unit of the Urban-Rural Construction Bureau in Hure Banner, Inner Mongolia (库伦旗住建局建设工程管理) – Qing Geletu (青格勒吐) – was issued a serious warning by the Hure Banner Commission for Discipline Inspection (庫倫旗紀委) for failing to perform his duties in relation to an Order Group gas project that began in March 2011.²⁷ Specifically, when asked to update Order Group’s filings for the project in December 2015, Qing Geletu did not highlight the fact that Order Group had
2020 年 8 月，通辽市纪委监委通报，2020 年 4 月，顺热市城乡建设局建设项目管理单位原负责人内蒙古库伦旗住建局建设工程管理公司 – 青格勒吐 – 因不合格而被胡尔旗纪委发出严重警告履行与2011 年 3 月开始的OrderGroup 天然气项目有关的职责。²⁷具体来说，当2015 年 12 月被要求更新OrderGroup 为该项目提交的文件时，QingGeletu没有强调OrderGroup已经

²⁶ https://www.sohu.com/a/394984211_253830?spm=smpc.author.fd-d.6.1625131785746ldsHMj8 https://www.163.com/dy/article/FCH82EED0514C8DR.html
²⁶ https:// www.sohu.com/a/394984211_253830?spm=smpc.author.fd-d.6.1625131785746ldsHMj8https:// www.163.com/dy/article/FCH82EED0514C8DR.html

²⁷ http://tl.nmgjjjc.gov.cn/single/2020/08/16/20081613224109224212-20080515494364691543.html?t=1623289826768
²⁷http://tl.nmgjjjc.gov.cn/single/2020/08/16/20081613224109224212-20080515494364691543.html？t=1623289826768

failed to comply with certain procedures, such as operating the pipeline without a construction permit and not completing quality inspection reports.
未遵守某些程序，例如在没有施工许可证的情况下操作管道，不填写质量检验报告。

As stated in an article from Sina Finance in March 2013, according to the meeting minutes of the local government in Taizihe district, Liaoyang, companies can independently choose their gas suppliers.²⁸ In 2013, Order Group (then called Shandong Order Gas Co. Ltd. (山东奥德燃气有限公司)) signed a gas supply agreement with a company in Taizihe district, Liaoyang, and subsequently laid down gas pipelines there. However, according to the franchise right agreement between the local government and Liaoyang China Gas Development Co. Ltd. (辽阳中燃城市燃气发展有限公司, “Liaoyang China Gas”), the right to operate gas pipelines in that particular area belonged to Liaoyang China Gas. According to staff of Liaoyang China Gas, Order Group had not obtained any relevant approvals despite proceeding with construction of the gas pipelines. According to the article, the Liaoyang Construction Bureau facilitated negotiations between the two companies.
正如新浪财经2013 年 3 月的一篇文章所述，根据辽阳市太子河区地方政府的会议纪要，企业可以独立选择他们的燃气供应商。²⁸2013 年，OrderGroup（当时称为山东OrderGasCo.）。 Ltd.（山东奥德燃气有限责任公司）与辽阳市太子河区的一家公司签订了供气协议，随后在那里铺设了燃气管道。但是，根据当地政府与辽阳中燃城市燃气发展有限公司（“辽阳中燃燃气”）之间的特许经营权协议，燃气管道的经营权特定区域属于辽阳中国燃气公司。据辽阳中国燃气的工作人员称，尽管继续建设天然气管道，但 OrderGroup 尚未获得任何相关批准。文章称，辽阳市建设局为两家公司之间的谈判提供了便利。

Our online, media, litigation, and regulatory research, as well as source inquiries, did not identify any additional information on this issue.
我们的在线、媒体、诉讼和监管研究以及来源查询没有发现有关此问题的任何其他信息。

Unsubstantiated Fraud and Bribery Allegations Against Order Group
针对OrderGroup 的未经证实的欺诈和贿赂指控

In September 2015, a letter of complaint was submitted by an individual named Zhou Guangsheng (周广生) to the Feng County Political and Legal Affairs Commission (丰县政法委) in Xuzhou, Jiangsu province, against Order Gas Co. Ltd. (奥德燃气有限公司, which is likely in reference to the overall Order Group, as Order Group was called Shandong Order Gas Co. Ltd. (山东奥德燃气有限公司) as of the date the letter was published).
2015 年 9 月，一位名叫周 Guangsheng 的个人向江苏省徐州市丰县政法委提交了一封投诉信，指控 OrderGasCo.。 Ltd.（奥德燃气有限公司，可能是指整个OrderGroup，因为OrderGroup被称为ShandongOrderGasCo.。 Ltd.（山东奥德燃气有限公司）截至信函发布之日）。

The letter accuses Order Group of committing several illegal acts. These include the company allegedly bribing government officials, engaging in unlicensed construction projects without seeking prior approval from relevant governing bodies, exaggerating its investment strategy to local governments to win permits and licenses, subsequently selling said permits and licenses for large sums of money, and routinely receiving customer complaints for its subpar customer service.²⁹ All these allegations are said to have occurred in several provinces in mainland China, including Henan province, Shandong province, and Beijing. According to the author of the letter, the letter was written to warn the Feng County Political and Legal Affairs Commission to not allow Order Group to engage in any business activities within the county.
这封信指责 Order Group 犯下了多项非法行为。其中包括该公司涉嫌贿赂政府官员，在未事先获得相关管理机构批准的情况下从事无证建设项目，向地方政府夸大其投资策略以获得许可证和执照，随后出售说许可证和执照，以获得大笔资金，并经常因其客户服务不佳而收到客户投诉。²⁹据说所有这些指控都发生在中国大陆的几个省份，包括河南省、山东省和北京。据信作者介绍，这封信是为了警告丰县政法委，不允许OrderGroup在县内从事任何经营活动。

We note that the original post has been deleted. However, it appears that Order Group now has operations in Xuzhou following the incorporation of Xuzhou Order Gas Co. Ltd. (徐州奥德燃气有限公司, “Xuzhou Order Gas”) in June 2017. We did not identify any significant regulatory or litigation records involving Xuzhou Order Gas. Similarly, none of sources were aware of any of the abovementioned allegations.
我们注意到原始帖子已被删除。然而，在XuzhouOrderGasCo 成立后，OrderGroup现在似乎在徐州开展业务。 Ltd.2017 年 6 月，徐州奥德燃气有限公司。我们未发现任何涉及徐州定气的重大监管或诉讼记录。同样，没有任何消息来源知道上述任何指控。

Beyond the issues set out in section 4.4, we did not identify any other notable negative issues involving Order Group and its affiliated companies.
除了第 4.4 节中列出的问题外，我们没有发现涉及OrderGroup及其附属公司的任何其他值得注意的负面问题。

²⁸ http://finance.sina.com.cn/stock/hkstock/ggscyd/20130330/013015001748.shtml

²⁹ http://webcache.googleusercontent.com/search?q=cache:pTG_VttIXzwJ:www.chinafx.gov.cn/Gov/mail.asp%3FClass id%3D3%26id%3D25%26mailid%3D91322+&cd=16&hl=en&ct=clnk&gl=hk

Order Group Junan Branch Failed to Adhere to Revised Natural Gas Sale Pricing Standards
OrderGroup莒南分公司未能遵守修订后的天然气销售定价标准

According to the Linyi Consumer Rights Protection Network (临沂消费者维权网), Order Group Junan Branch (奥德燃气莒南分公司) was issued a warning by the Junan Market Supervision Bureau in September 2020 for failing to adhere to the new natural gas sale pricing standards set by the Linyi Development and Reform Commission (临沂市发改委). The new standards mandated that natural gas companies could either offer refunds to non-residential gas pipeline customers following the reduced rate from CNY 3.07 (USD 0.47)/m³ to CNY 2.865 (USD 0.44)/m³ of natural gas, or an additional natural gas quota (record no.: 临发改价格〔2020〕58 号). Since Order Group Junan Branch did not do either of these, the Junan Market Supervision Bureau ordered the company, along with Junan PetroChina Yida Gas Co. Ltd. (莒南中油一达燃气有限公司), to offer a combined total of CNY 2,139,472.31 (USD 330,000) in compensation to their respective customers.
据临沂消费者维权网报道，奥德燃气莒南分公司因未遵守新规定，于 2020年 9 月被莒南市监局发出警告临沂市发改委制定的天然气销售定价标准。新标准要求天然气公司可以在将费率从3.07 元人民币（0.47 美元）/平方米降至 2.865 元后向非住宅天然气管道客户提供退款（0.44 美元）/m³天然气，或额外的天然气配额（记录编号：临发改价格〔2020〕58号）。由于订单集团莒南分公司没有做这两项工作，莒安市场监管局命令该公司连同莒南石油亿达燃气有限公司一起完成。 Ltd. （莒南中油一达燃气有限公司）向各自的客户提供总计 2,139,472.31 元（330,000 美元）的补偿。

Our online, media, litigation, and regulatory research did not find further information regarding this issue.
我们的在线、媒体、诉讼和监管研究没有找到有关此问题的更多信息。

Misleading Advertising Allegations Regarding Property Developed by OCID
关于OCID 开发的房地产的误导性广告指控

According to an anonymous author of a post published in a mainland Chinese forum called Message Board for Leaders (领导留言板) on 28 April 2021, the advertising for a real estate residential property affiliated with Order Group was allegedly misleading. ³⁰ The property in question is called Order Begonia (奥德海棠), and it was developed by OCID, according to the company’s website.³¹ Specifically, the author, who claims to be a tenant of one of the property units, alleges that Order Begonia’s advertising materials had failed to clarify that to purchase a vehicle parking space, one must also purchase a storage room. We note that the author does not specifically accuse OCID of engaging in false advertising.
根据 2021 年 4 月 28 日在中国大陆论坛 Message Board for Leaders （领导留言板）上发表的一篇帖子的匿名作者的说法，Order Group 旗下的房地产住宅物业的广告涉嫌具有误导性。 ³⁰ 根据该公司的网站，有问题的财产被称为 Order Begonia （奥德海棠），由 OCID 开发。³¹具体来说，自称是其中一个物业单元的租户的提交人声称，OrderBegonia的广告材料未能澄清要购买车辆停车位，还必须购买储藏室。我们注意到，作者并未明确指责 OCID 从事虚假广告。

Sale of Fake Invoices Using Order Group Subsidiary Names
使用订单组子公司名称销售假发票

On 19 July 2018, a criminal case heard by the Liaoning Fushun Intermediate People’s Court found multiple individuals guilty of manufacturing and distributing fake invoices using the entity names of various Order Group subsidiaries (case no.: （2017）辽 04 刑初 43 号).³²
2018 年 7 月 19 日，辽宁省抚顺市中级人民法院审理的一起刑事案件认定多人使用订单集团各子公司的实体名称制造和分发假发票罪名成立（案号。：（2017）辽 04 刑初43 号）.³²

Based on our public domain research, none of these individuals mentioned in the case appear to be affiliated with Order Group, and none of the Order Group subsidiaries referenced in the fake invoices were implicated in this incident.
根据我们的公共领域研究，本案中提到的这些人似乎都没有隶属于OrderGroup，也没有 Order Group 中提到的子公司假发票与此次事件有关。

General Negative Comments Regarding Order Group
关于OrderGroup 的一般负面评论

We identified several negative news media articles and forum posts regarding Order Group and its subsidiaries, including allegations of late payment of wages to employees and subcontractors, poor treatment of its non-management level employees, and poor customer service. Unless
我们发现了几篇关于OrderGroup及其子公司的负面新闻媒体文章和论坛帖子，包括延迟向员工和分包商支付工资的指控，贫困对待其非管理层员工，以及糟糕的客户服务。除非

³⁰ http://liuyan.people.com.cn/threads/content?tid=9921393

³¹ http://chengtou.odc.hk/#subsite4_jianjie

³² https://www.taxhu.com/index.php?m=article&f=view&id=164981
³²https:// www.taxhu.com/index.php?m=article&f=view&id=164981

otherwise specified, our broader public domain, litigation, and regulatory research, as well as source inquiries, did not find further information on these issues.
另有说明，我们更广泛的公共领域、诉讼和监管研究以及来源查询未找到有关这些问题的更多信息。

Included below are examples of the allegations we identified:
以下是我们确定的指控示例：

In May 2021, an anonymous individual filed an online complaint against Order Group through the Shuangyashan People’s Government (省双鸭山人民政府) in Heilongjiang province because the company allegedly would not sell natural gas to private citizens residing in Xuefuhuating district (学府华庭小区).³³ The government responded to the complaint by denying that Order Group does not sell to private citizens.
2021 年 5 月，一名匿名人士通过黑龙江省双鸭山人民政府对 OrderGroup提出在线投诉，因为该公司据称会不向居住在学府华庭小区的普通公民出售天然气。³³政府对投诉的回应是否认OrderGroup不向普通公民销售产品。

Between October and November 2020, the Order Group Shanghe County Branch in Jinan (济南市商河县, the author of the post does not provide the exact name of the entity) allegedly owed its subcontractors labor wages for a “gas-to-electricity” project (煤改电工程), according to a post published in January 2021 on the Message Board for Leaders (领导留言板).³⁴
2020 年 10 月至11 月期间，OrderGroup济南市商河县分公司（帖子作者未提供实体的确切名称）涉嫌拖欠其分包商的劳动工资。煤改电工程“项目，根据2021年 1 月在 MessageBoardforLeaders （领导留言板）上发布的一篇文章。³⁴

In February 2021, a user of the mainland Chinese forum Baidu Tieba published a post criticizing Order Group’s food and dining options for its employees, alleging that lower- level employees are sometimes only left with leftovers.³⁵
2021 年 2 月，中国大陆论坛百度贴吧的一位用户发表了一篇帖子，批评OrderGroup为其员工提供的餐饮选择，声称下级员工有时只剩下剩菜剩饭。 ³⁵

In December 2020, Cangxian Order Gas Co. Ltd. (沧县奥德燃气公司, “Cangxian Order Gas”), a Hebei-based subsidiary of Order Gap, allegedly owed money to its subcontractor in a “coal-to-gas” project (气代煤工程) in Cang county, according to various media outlets, including Sina.³⁶ As a result, the subcontractor was unable to pay the wages of eight workers it had hired to participate in the project. According to the workers, who were owed a total of CNY 30,000 (USD 4,600) in overdue wages, the project had been completed in October 2020.
2020 年 12 月，苍县订购燃气有限公司。 Ltd.据多家媒体报道， Order Gap 位于河北的子公司沧县奥德燃气公司（“沧县奥德燃气公司”）涉嫌在沧县的一个“气代煤工程”项目中欠其分包商的款项，包括新浪。³⁶因此，分包商无法支付其雇用参与该项目的八名工人的工资。据共拖欠 30,000 元人民币（4,600 美元）拖欠工资的工人称，该项目已于 2020 年 10 月完工。

On 1 January 2020, an explosion occurred in a farmer’s home in a village in Cangzhou, Hebei province, according to an announcement from the Qingxian People’s Government ( 青县人民政府) on 5 January 2020. ³⁷ According to the government’s preliminary investigation, the incident, which did not result in any casualties, was caused by a gas leak from one of the pipelines in the village. In the government’s announcement, Order Group was asked to compensate residents for any losses and damages resulting from the incident, which suggests that Order Group was responsible for building the pipeline in this village.
2020年 1 月 1 日，河北省沧州市一个村庄的农民住宅发生爆炸，根据青县人民政府于 2020 年 1 月 5 日发布的公告 ³⁷ 据政府的公告初步调查后，该事件没有造成任何人员伤亡，是由该村的一条管道泄漏引起的。在政府的公告中， Order Group 被要求赔偿居民因该事件造成的任何损失和损害，这表明OrderGroup负责在该村建造管道。

In March 2018, a user of Baidu Tieba published a post criticizing Order Group employees’ attitudes and productivity.³⁸ Relatedly, several Linyi residents also complained about the attitudes of Order Group employees when they had to explain to the residents that installation of gas heaters must be done by the employees, as reported by KKNews in April 2017.³⁹
2018 年 3 月，百度贴吧的一位用户发表了一篇帖子，批评OrderGroup员工的态度和生产力。38 据 KKNews 在 ²⁰¹⁷ 年 4 月报道，几名临沂居民还抱怨 Order Group 员工在不得不向居民解释燃气加热器的安装必须由员工完成时的态度。³⁹ 元

In January 2017, a user of Baidu Tieba published a post alleging that they had conducted work for Order Group but never received any payment.⁴⁰ A similar post was published in
2017 年 1 月，百度贴吧的一位用户发布了一篇帖子，声称他们为OrderGroup进行了工作，但从未收到任何报酬。⁴⁰类似的帖子发表在

³³ http://www.syswlwz.gov.cn/Page/Personal/MyPoliticsDetials.aspx?number=20210520091944787

³⁴ http://liuyan.people.com.cn/threads/content?tid=9098699

³⁵ https://tieba.baidu.com/p/7222803897

³⁶ http://k.sina.com.cn/article_3177450665_bd640ca902000ycyw.html https://www.163.com/dy/article/FVAUHR4B0545AQSX.html
³⁶http://k.sina.com.cn/article_3177450665_bd640ca902000ycyw.htmlhttps:// www.163.com/dy/article/FVAUHR4B0545AQSX.html

³⁷ https://www.jiemian.com/article/3848420_qq.html
³⁷https:// www.jiemian.com/article/3848420_qq.html

³⁸ https://tieba.baidu.com/p/5604194621

³⁹ https://kknews.cc/finance/k8vg98r.html

⁴⁰ https://tieba.baidu.com/p/4930121448

January 2015, to which an anonymous user responded saying that Order Group is “infamous” for not paying its workers in May 2016.⁴¹
2015 年 1 月，一位匿名用户回应说，Order Group 因在2016 年 5 月没有支付员工工资而“臭名昭著”。⁴¹

In January 2015, a user of Baidu Tieba, who claims to have joined Order Group in 2014, accused several senior executives at a Shanghe county, Shandong province-based subsidiary of Order Group, namely three individuals surnamed Xu (许), Ma (马), and Wang (王), of incompetence and mismanagement.⁴² Specifically, Xu was alleged by the author of the post to have disrupted the Shanghe company’s operations, and Ma to have falsified certain unspecified information. According to corporate records, Order Group’s most prominent subsidiary in Shanghe county is Shanghe Order Energy Co. Ltd. (商河奥德能源有限公司). We did not identify any current or former key principals with any of the above surnames at this specific subsidiary.
2015 年 1 月，一位声称于 2014 年加入OrderGroup的百度贴吧用户指控 Order Group 位于山东省上河县的子公司的几名高级管理人员，即许、马和王三人（王），无能和管理不善。⁴²具体来说，帖子的作者指控徐某扰乱了尚和公司的运营，马某伪造了某些未指明的信息。根据公司记录，OrderGroup 在上河县最突出的子公司是商河奥德能源有限公司。我们没有发现该特定子公司的任何现任或前任主要负责人具有上述任何姓氏。

We note that instances of individual complaints are not uncommon for large corporations such as Order Group. Based on our source inquiries and broader public domain research, the above incidents and allegations do not appear to be indicative of broader issues in the group’s overall operations and reputation.
我们注意到，个人投诉的情况对于 Order Group 等大公司来说并不少见。根据我们的消息来源查询和更广泛的公共领域研究，上述事件和指控似乎并不表明该集团的整体运营和声誉存在更广泛的问题。

Litigation Research
诉讼研究

Mainland China
中国大陆

Litigation research found more than 80 cases involving Order Group in mainland China, most of which pertain to loan and contract disputes. None of the cases are criminal in nature. None of the cases are currently open. The 10 most recent cases are listed below. The company is the defendant in at least 3 of the 10 most recent cases.
诉讼研究发现，在中国大陆涉及OrderGroup 的案件超过 80 起，其中大部分涉及借款和合同纠纷。这些案件都不是刑事性质的。目前没有一个案件处于开放状态。下面列出了最近的 10 个案例。该公司是最近 10 起案件中至少 3 起的被告。

# Case Number
#案件编号

Judgment Court Type Date
判决法院类型日期

Subject is Status Defendant
主题是被告

Amount Awarded (CNY)
奖励金额（CNY）

（2021
（2021 年

）辽

2 1021 民
21021 民

初 268

号

9 Mar
9 三月

2021

Liaoyang People’s Court, Liaoning
辽阳辽宁省人民法院

Civil; contract Yes Closed; withdrawn
民事;合同是关闭; 孤僻

N/A
不适用

⁴¹ https://tieba.baidu.com/p/3507656145

⁴² https://tieba.baidu.com/p/3531991737

Shenbei
神北 New
新增功能 District People’s Court, Liaoning
辽宁省区人民法院

Hedong District People’s Court, Shandong
河东山东省区人民法院

Enforcement
执法

Yes (subject to
是（受

enforcement)
执行）

No (applicant)
否（申请人）

Closed N/A
已关闭N/A

Closed; N/A withdrawn
闭;N/A 已撤回

）鲁

8 1425 民
81425 民

初 3263

号

17 Nov
17 11月

2020

Qihe People’s Court, Shandong
山东省齐河县人民法院

Civil; contract N/A
民事;合约N/A

Closed; mediated
闭; 介导

（2020
（2020 年

）鲁民

10 终 2726

号

12 Nov
12 11月

2020

Shandong Higher People’s Court
山东高级人民法院

Civil; contract No
民事;合同编号

Closed; withdrawn 0
已关闭;撤回0

*N/A denotes that the information was not available.
*N/A表示信息不可用。

Cases 1 and 4–7 relate to enforcement actions.
案例1和4-7与执法行动有关。

In case 1, Order Group applied for a court enforcement action against Shao Mingyi (邵明义), Sun Zhiyun (孙志运), Linyi Mingbao Automobile Transportation Co. Ltd. (临沂市明宝汽车运输有限公司), and Linyi Kunpeng Real Estate Co. Ltd. (临沂坤鹏置业有限公司) in relation to a loan dispute (original case number was not provided). Order Group later withdrew the action.
在案例1 中，OrderGroup申请对邵明义、孙志运、临沂市明宝汽车运输有限公司和临沂市鲲鹏房地产有限公司（临沂坤鹏置业有限公司）的贷款纠纷（未提供原始案件编号）。 OrderGroup后来撤回了该行动。

Case 4 is a court enforcement action related to a sales contract dispute. No further case details were disclosed.
案例4是与销售合同纠纷相关的法院执行行动。没有披露进一步的案件细节。

Case 5 is a court enforcement action related to an unspecified dispute. No further case details were disclosed.
案例5是与未指明的争议相关的法院执行行动。没有披露进一步的案件细节。

Cases 6 and 7 are both court enforcement actions filed by Order Group against Shao Mingyi (邵明义) and Sun Zhiyun (孙志运) related to loan contract disputes. Order Group later withdrew both actions.
案例6和7 均为OrderGroup针对邵明义和孙志运提起的与借款合同纠纷有关的法院执行行动。 OrderGroup后来撤回了这两项行动。

In case 2, an individual named Xu Hongjin (徐洪金) sued Order Group and its subsidiary Liaoyang Order Gas Transmission and Distribution Co. Ltd. (辽阳县奥德燃气输配有限公司) over a contract dispute. Xu Hongjin withdrew the case.
在案例 2 中，一位名叫徐洪金的个人就合同纠纷起诉了 Order Group 及其子公司辽阳县奥德燃气输配有限公司。徐洪进撤案。

In case 3, an individual named Meng Qingyuan (孟庆元) sued Order Group, Wang Wei (王伟), and Di Huaiwen ( 翟怀文) over a labor dispute related to a construction project. The court dismissed Meng Qingyuan’s complaint.
在案例3 中，一个名叫孟庆元的人就与建筑项目有关的劳动争议起诉了 OrderGroup、王伟和翟怀文。法院驳回了孟清源的起诉。

Case 8 is a sales contract dispute involving Order Group. The case was resolved through mediation. No further case details were disclosed.
案例 8 是涉及 Order Group 的销售合同纠纷。此案通过调解解决。没有披露进一步的案件细节。

Case 9 is an appeal filed by Zhuang Yuan (庄园) against Order Group, Xu Jing (庄园), and Zheng Guangyun (郑光云) in relation to a dispute over compensation for property damages resulting from a fire (original case no.: 山东省沂南县人民法院（2020）鲁 1321 民初 1450 号). The court overturned the original ruling made by the Yinan County People’s Court, as it was determined that Order Group had not provided a sufficient assessment on the extent of the damages resulting from the fire.
案例9是庄元（ZhuangYuan）就赔偿纠纷对 Order Group、许静（Xu Jing）和郑光云（Zheng Guangyun）提起的上诉火灾造成的财产损失（原案号：山东省沂南县人民法院（2020）鲁 1321 民初1450 号）。法院推翻了沂南县人民法院的原裁定，因为法院认定 OrderGroup 没有对火灾造成的损失程度进行充分评估。

Case 10 is an appeal filed by Linyi PetroChina Kunlun Energy Co. Ltd. (临沂中石油昆仑能源有限公司) against Order Group in relation to a contract dispute (original case no.: （2019）鲁 13 民初 140 号民事). The appellant ultimately withdrew its appeal.
案例10是临沂中石油昆仑能源有限公司提起的上诉。 Ltd.（临沂中石油昆仑能源有限公司）诉OrderGroup合同纠纷案（原案编号：（2019）鲁 13民初140 号民事）.上诉人最终撤回上诉。

Notable Enforcement Record
值得注意的执法记录

We also found the following notable enforcement record involving Order Group. Due to a property sale and purchase contract dispute and the company’s likely subsequent failure to fulfill its repayment obligation (the case number of the original dispute was not referenced), Order Group was enforced to pay CNY 3,997,217 (USD 617,000) on 18 June 2020 by the Shenyang Shenbei People’s Court (辽宁省沈阳市沈北新区人民法院) (case no.: （2020）辽 0113 执 1600 号). Details of the enforcement record have not been made publicly available.
我们还发现了以下涉及 Order Group 的值得注意的执法记录。由于物业买卖合同纠纷以及公司随后可能未能履行其还款义务（未提及原始争议的案号），OrderGroup 于 2020 年 6 月 18 日被沈阳市神北人民强制要求支付 3,997,217 元人民币（617,000 美元） Court （辽宁省沈阳市沈北新区人民法院）（案号.：（2020）辽 0113 执 1600号）.执法记录的详细信息尚未公开。

Hong Kong
香港

Litigation and media research did not return any cases involving Order Group in Hong Kong.
诉讼和媒体研究没有返回任何涉及 Order Group 在香港的案件。

Bankruptcy Research
破产研究

Mainland China
中国大陆

Our bankruptcy, online, and media research did not find the company involved in any bankruptcy proceedings.
我们的破产、在线和媒体研究没有发现该公司涉及任何破产程序。

Regulatory Research
监管研究

（2021
）辽	29 Jan
4 0113 执	2021
保 97 号
（2021
）鲁	8 Jan
5 1425 执	2021
保 32 号
（2020
）鲁	18 Dec
6 1312 执	2020
2135 号
（2020
）鲁	18 Dec
7 1312 执	2020
2136 号
（2020