Migao Corporation (Migao) through its wholly owned operating subsidiaries (referred to herein as Migao Chemical Industry (Shanghai) Co., Ltd.(Sichuan Migao), Guangdong Migao Chemical Co., Ltd. (Guangdong Migao), Liaoning Migao Chemical Co., Ltd. (Liaoning Migao), Migao Chemical Industry (Shanghai) Co., Ltd. (Shanghai Migao), Migao Chemical (Changchun) Co., Ltd. (Changchun Migao), Migao Chemical (Tianjin) Co., Ltd. (Tianjin Migao) and Migao Chemical (Zunyi) Co., Ltd. (Zunyi Migao)), and through its 50% ownership of SQM JV, owns land use rights and operates fertilizer production plants in various locations in the People�s Republic of China for the production and sale of specialty potash fertilizer (potassium nitrate and potassium sulphate along with their co-products), specialty compound fertilizers, granulated potassium chloride, and standard potassium chloride. Guangdong Migao operates fertilizer plant, which produces powdered potassium sulphate along with hydrochloric acid.