Telecommunications carriers and ISPs could also decide to limit or prohibit the use of their networks to support or facilitate our services, or charge additional fees to us, our customers or end-users in connection with our services. Building on our knowledge and experience, we have developed a portfolio of services and solutions designed to address complex and unique issues arising from Chinas internet infrastructure and a wide range of turnkey solutions to meet customer- and industry-specific needs. Pursuant to these agreements, ChinaCache Beijing provided an interest-free loan of RMB4.3 million to each of the two shareholders of Beijing Jingtian,. . PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners to personal liability and limit our ability to acquire PRC companies or to inject capital into our PRC subsidiary. We may also be required to take other actions that could lessen the value of our ADSs, including borrowing money on terms that are not favorable. Violations of these circulars could result in substantial monetary or other penalties. The shareholders shall repay the loans immediately upon certain events, including the shareholder leaving our employment, a third-party filing a claim against the shareholder which exceeds RMB100,000 or ChinaCache Holdings exercising its option to purchase the shareholders equity work from home jobs in fort smith ar interest in Beijing Blue.T.
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As a public company, we incur significant accounting, legal and other expenses that we did not incur as a private company. In addition, safe strengthened its oversight of the flow and use of the RMB capital converted from foreign currency registered capital of a foreign invested enterprise. Such available-for-sale investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income in shareholders equity. Any change that adversely affects our communications and storage capacity could result in interruptions in our services. Kilauea; Mount Etna; Mount Yasur; Mount Nyiragongo and Nyamuragira; Piton de la Fournaise; Erta Ale. To address the needs of our e-commerce customers, we have designed our e-commerce solution to allow proactive monitoring and rapid response to security-related incidents and anomalies. Based on our oral consultation with certain officials of the miit, in practice, our offerings should not be deemed an overseas listing of a domestic company. The implementation of these regulations may discourage or otherwise prevent or restrict minors from playing online games, which could limit the growth of online game operators, one of our key customer groups, thus adversely affecting our business and results of operations. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, demand for our ADSs could decrease, which could cause our ADS price and trading volume to decline. The term of the loan agreement is ten years and expires on September 23, 2015. The Ministry of Public Security has the authority to order any local internet service provider to block any internet website at its sole discretion. We compete in a market that is intensely competitive and rapidly changing. Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention.
We may need to obtain additional funding due to a number of factors beyond our control, including a shortfall in revenues, increased expenses, increased investment in capital equipment or the acquisition of significant businesses or technologies. If securities or industry analysts do not actively follow our business or if they publish unfavorable research about our business, our ADS price and trading volume could decline. While the PRC economy has grown significantly over the past several decades, the growth has been uneven across different periods, regions and among various economic sectors of China. The pilot VAT reform program initially applied only to the pilot industries in Shanghai, and has been expanded to eight additional regions, including, among others, Beijing, in 2012. The shareholders must remit any funds received from Beijing Blue.T.
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In 2012, we further enhanced the technical sophistication of our content and application delivery total solutions by launching our content-aware network service, which integrates telecommunications network with internet applications. If our preferential tax treatment for ChinaCache bitcoin cash difficulty adjustment algorithm Beijing becomes unavailable, our income tax expenses would increase, which may have a material adverse effect on our net income and results of operations. As a result, these uncertainties could materially and adversely affect our business and results of operations. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may not sufficiently cover all aspects of economic activities in China. If we fail to maintain effective internal control over financial reporting, we will not be able to conclude and our independent registered public accounting firm will not be able to report that we have effective internal control over financial reporting. In the past, our top five customers have continually changed, and we also have experienced significant fluctuations in our individual customers usage of our services. We, with the assistance of an independent third party valuation firm, determined the estimated fair value of its redeemable convertible preferred shares, post-acquisition settlement consideration and available-for-sale investments that are recognized in the consolidated financial statements. If none of the China-based auditors are able to continue to be auditors for China-based companies listed in the.S., we will not be able to meet the reporting requirements under the Exchange Act, which may ultimately result. Introduction In this annual report, unless otherwise indicated or the context otherwise requires, references to: ADSs refers to American depositary shares, each of which represents 16 ordinary shares; ChinaCache, we, us, our company, and our refer to ChinaCache International Holdings Ltd., its subsidiaries and. Notice 19 standardized certain requirements of the registration process set forth in Circular.
In April 2009, a new strain of influenza A virus subtype H1N1, commonly referred to as swine flu, was first discovered in North America and quickly spread to other parts of the world, including China. We operate, for example, an e-mail service center where our customers can contact and receive responses from our customer service representatives by e-mail. A distributed, worldwide, decentralized digital money. BSS typically deals with customer supporting processes, such as taking orders, processing bills and collecting payments. Any limitation on the ability of ChinaCache Beijing to distribute dividends and other distributions to us could materially and adversely limit our ability to make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business. The circular further requires each VAT license holder to have the necessary facilities for its approved business operations and to maintain such facilities in the regions covered by its license.
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The shareholders of our consolidated variable interest entities, Beijing Blue.T. In addition, our customers business models may change in ways that we do not anticipate and bitcoin cash difficulty adjustment algorithm these changes could reduce or eliminate our customers demand for our services. (1) Includes share-based compensation expenses as follows: For the year ended December 31, RMB RMB RMB RMB RMB US (in thousands) Allocation of share-based compensation expenses: Cost of revenues 1,499 2,489 11,353 4,047 2,896 465 Sales and marketing expenses 3,223 5,352 27,122 9,669 6,917 1,110 General. In general, end-users automatically obtain the required content from the most suitable node, thereby improving quality of service. Pursuant to the exclusive business cooperation agreement, ChinaCache Beijing and Beijing Blue.T. We are currently evaluating and monitoring developments with respect to these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs. Increasing scalability of our customers websites by distributing their website content through our delivery platform. Economic conditions in China are sensitive to global economic conditions. The team of developers spent two full years of their lives pouring their heart and soul into Bitcoin PRO and all of this work has paid off thanks to the top-quality end product they have created. During any given fiscal period, a relatively small number of customers typically accounts for a significant percentage of our revenue. We have a dedicated customer service team. Leveraging our carrier- neutral network, our customized mobile internet solutions effectively address the interconnectivity bottleneck issues by facilitating the data exchanges between the networks operated by the mobile service providers and those operated by fix-line service providers. Any outbreak of avian flu, sars, influenza A (H1N1 H7N9, or their variations, or other adverse public health epidemic in China may have a material and adverse effect on our business operations.
We are, however, still subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. We have also deployed service nodes in 19 cities worldwide, with over 270 servers covering parts of Asia, North America, Western Europe, the Middle East and North Africa to allow our customers in China to distribute internet services and applications. Specifically, foreign investors are not allowed to own more than a 50 equity interest in any PRC company engaging in value-added telecommunications business. The PRC Enterprise Income Tax Law applies a uniform 25 enterprise income tax rate to both foreign-invested enterprises and domestic enterprises, except where a special preferential rate applies. And Beijing Jingtian and their respective shareholders, the shareholders of Beijing Blue.T.
We pay monthly service fees based on the number of internet gateways, bandwidth usage and the number of server clusters. Was incorporated in the State of California in the United States and is subject to both California State income tax and.S. . We may be classified as a passive foreign investment company for United States federal income tax purposes, which could result in adverse.S. . Content Bridging Services Our Content Bridging Services utilize our nationwide service platform interconnected with networks operated by all telecommunications carriers to bridge internet content exchanges amongst networks. Any of these interruptions, interferences or restrictions could result in a loss of existing customers, increased costs and impairment of our ability to attract new customers, thereby harming our revenues and growth. Entered into an exclusive technical consultation and training agreement.
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We also utilize a variety of other methods to raise awareness of our company, our services and our brand. We are a foreign private issuer and, as a result, we are not subject to the same requirements that are imposed upon.S. Share-based compensation expense is recorded net of estimated forfeitures such that expense was recorded only for those share-based awards that are expected to vest. The term of these loan agreements is ten years from the date of execution. For the years ended December 31, 2010, 20, we recorded RMB72.2 million, RMB27.0 million and RMB16.1 million (US2.6 million respectively, in share-based compensation expenses for employees and non-employees. PRC laws and regulations currently restrict foreign ownership of telecommunications value-added services, including content and application delivery services. We are not required to disclose detailed individual executive compensation information that is required to be disclosed.S. Risk Factors Risks Related to Our Business and Industry We have incurred losses in the past and may incur losses in the future. Therefore dividends from our PRC subsidiary to non-PRC resident entities may be subject to a withholding tax of as high as 20 (although under the implementation rules, the withholding tax is currently 10 if such dividends are regarded as income derived from sources within China. Key InformationRisk Factors or in other parts of this annual report on Form 20-F. 7 Jiuxianqiao North Road, Chaoyang District Beijing, 100015 Peoples Republic of China (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. A successful infringement claim against us, whether with or without merit, could, among others things, require us to pay substantial damages, develop non-infringing technology or enter into royalty or license agreements that may not be available on acceptable.
Technologies Our content-aware network service, which we launched in 2012, have improved our capabilities of delivering content and application delivery total solutions. Agreements that Transfer Economic Benefits to Us or Absorb Losses Exclusive Business Cooperation Agreement. Although we have improved efficiency of our networks and operations and adopted related cost reduction measures, we cannot assure you that we will continue to achieve such efficiency or sustain such cost reductions. Risks Related to Doing Business in China Our business may be adversely affected by government policies and regulations in China. For example, user-generated content websites, media companies and online game operators have been among our customers and are pursuing emerging strategies for monetizing their internet services and applications or traffic on their websites. We must commit significant resources to developing new services or enhancements to our existing services before we are able to develop services that are widely accepted by the market. Each shareholder also agreed not to transfer or create any new encumbrance adverse to ChinaCache Beijing on his or her equity interest in Beijing Blue.T.