Confirmation of Oral Agreement
Exhibit 4.8
Whereas, ▇▇. ▇▇▇▇▇▇ ▇▇ and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ entered into two agreements in relation to Fujian
Xiniya Garments and Weaving Co., Ltd. (“Fujian Xiniya”) on January 5, 2005 and September 28, 2005,
respectively;
Whereas, ▇▇. ▇▇▇▇▇▇ ▇▇ and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ entered into an agreement in relation to Xiniya
Holdings Limited (“Xiniya Hong Kong”) on January 3, 2009.
▇▇. ▇▇▇▇▇▇ ▇▇ and ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ hereby confirm that:
1. Since the incorporation of Fujian Xiniya, ▇▇. ▇▇▇▇▇▇ ▇▇ has held all the rights regarding Fujian
Xiniya, including the right to receive dividends from and the right to transfer an equity interest
in Fujian Xiniya.
2. Since the incorporation of Xiniya Hong Kong, ▇▇. ▇▇▇▇▇▇ ▇▇ has held all the rights regarding
Xiniya Hong Kong, including the right to receive dividends from and the right to transfer an equity
interest in Xiniya Hong Kong.
3. ▇▇. ▇▇▇▇▇▇ ▇▇ had the rights to enter into certain arrangements with ▇▇▇▇ ▇▇▇ ▇▇ and two other
investors (collectively the “Investors”) in December 2005 concerning, among others, return of
capital to the Investors, transfer of a 20% interest in Fujian Xiniya to the Investors, transfer of
▇▇. ▇▇▇▇▇▇ ▇▇’▇ right to receive dividends to the Investors. ▇▇. ▇▇▇▇▇▇ ▇▇ also had the right to
satisfy the terms of such arrangements through the transfer of a 20% interest in Fujian Xiniya.
4. ▇▇. ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ currently has no rights in Fujian Xiniya or Xiniya Hong Kong.
Dated:
October 26, 2010
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