What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2010-08-30 compared with 2009-09-15 · 41 added, 60 removed, 4 unchanged (96% of the section changed)

1 unchanged sentence

EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY

for Our Common Stock

a limited market for our common stock.

Our common stock is listed on the OTC

Bulletin Board under the symbol “CHNC.” The following table sets forth the high

and low inter-dealer prices, without mark-up, mark-down or commission, involving

our Common Stock during each calendar quarter, and may not represent actual

transactions.

There were no reported quotations for our common stock during the

fiscal year 2009, and the first quarter of the fiscal year 2010.

27, 2010, there were 12,930,620 shares of our Common

Stock outstanding.

Our shares of Common Stock are held by approximately 308

stockholders of record.

The number of record holders was determined from the

records of our transfer agent and does not include beneficial owners of Common

Stock whose shares are held in the names of various security brokers, dealers,

and registered clearing agencies.

applying to list our Common Stock on the NASDAQ Global Market and NYSE AMEX, but

we can not give you any assurance when or if our Common Stock will be approved

not paid dividends on our common stock.

We plan to retain future earnings, if

any, for use in our business, and do not anticipate paying dividends on our

common stock in the foreseeable future.

for Our Common Stock

common stock is traded in the over-the-counter market and quotations are

reported on the Over-the-Counter Bulletin Board overseen by the FINRA under the

FINRA is currently reviewing our application for the change of name

to China Infrastructure Construction Corporation.

The table below sets forth the

high and low bid price for each quarter since there has been a market for our

common stock, as reported by the Yahoo Finance website at

http://finance.yahoo.com/lookup?s=favc.

quotations reflect inter-dealer prices, without retail mark-up, mark-down or

commission and may not represent actual transactions.

Ended May 31, 2009

Ended May 31, 2008

September 15, 2009, there are approximately 60 holders of record of our common

Authorized for Issuance under Equity Compensation Plan

currently have any securities authorized for issuance under any equity

compensation plans and we do not have any equity compensation

Issuances of Securities

8, 2008, we issued 12,000,000 shares of our common stock to the stockholder of

NCH in exchange for all the issued and outstanding capital stock of Northern

Construction Holdings, Ltd.

("NCH") pursuant to that certain Share Exchange

Agreement dated October 8, 2008.

We did not receive any cash consideration

in connection with the share exchange.

The number of our shares issued to

the stockholder of NCH was determined based on an arms-length negotiation.

The issuance of our shares to this individual was made in reliance upon

exemptions from the registration requirements of the Securities Act pursuant

to Section 4(2) of the Securities Act and Regulation D promulgated

Stock Regulations

has adopted regulations which generally define a “penny stock” to be an equity

security that has a market price of less than $5.00 per share.

Our common stock

falls within the definition of penny stock and is subject to rules that impose

additional sales practice requirements on broker-dealers who sell such

securities to persons other than established customers and accredited investors

(generally those with assets in excess of $1,000,000, or annual incomes

exceeding $200,000 or $300,000, together with their spouse).

transactions covered by these rules, the broker-dealer must make a special

suitability determination for the purchase of such securities and have received

the purchaser’s prior written consent to the transaction.

Additionally, for any

transaction, other than exempt transactions, involving a penny stock, the rules

require the delivery, prior to the transaction, of a risk disclosure document

mandated by the SEC relating to the penny stock market.

The broker-dealer also

must disclose the commissions payable to both the broker-dealer and the

registered representative, current quotations for the securities and, if the

broker-dealer is the sole market-maker, the broker-dealer must disclose this

fact and the broker-dealer’s presumed control over the market.

Finally, monthly

statements must be sent disclosing recent price information for the penny stock

held in the account and information on the limited market in penny stocks.

Consequently, the “penny stock” rules may restrict the ability of broker-dealers

to sell our common stock and may affect the ability of investors to sell their

common stock in the secondary market.

Furthermore, because we are a holding

company, we rely entirely on dividend payments from Beijing Concrete, who may,

from time to time, be subject to certain additional restrictions on its ability

to make distributions to us.

PRC accounting standards and regulations currently

permit payment of dividends only out of accumulated profits, a portion of which

must be set aside to fund certain reserve funds.

Our inability to receive all of

the revenues from Beijing Concrete’s operations may in turn provide an

additional obstacle to our ability to pay dividends on our common stock in the

Additionally, because the PRC government imposes controls on the

convertibility of RMB into foreign currencies and, in certain cases, the

remittance of currency out of the PRC, shortages in the availability of foreign

currency may occur, which could restrict our ability to remit sufficient foreign

currency to pay dividends.

currently intend to retain any future earnings to finance the development and

growth of our business and do not anticipate paying cash dividends on our Common

Stock in the foreseeable future, but will review this policy as circumstances

If in the future we are able to pay dividends and determine it is in

our best interest to do so, such dividends will be paid at the discretion of the

Board of Directors after taking into account various factors, including our

financial condition, operating results, capital requirements, restrictions

contained in any future financing instruments and other factors the Board deems

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity