The picture shows the logo of Vanke at the Shenyang International Exhibition Center on September 9, 2005. [newsphoto]

As of September 13, 2005, the split-share reform has been launched across the board, but the first batch of pilot participants haven't involved complicated enterprises. It is reported that since its major shareholder is unwilling to pay compensation, Vanke with an extremely low ratio of non-tradable shares is possible to launch the first share reform plan without compensation in the Shanghai and Shenzhen bourses.