Following the provisions of the Contract Law of PRC, the parties to a contract may rescind the contract in any of the following circumstances:

(1) The purpose of the contract can not be realized due to force majeure;

(2) One party to the contract expresses explicitly or indicates through its acts, before the expiry of the performance period, that it will not perform the material obligations;

(3) One party to the contract delays in performing the material obligations and fails, after being urged, to perform them within a reasonable time period;

(4) One party to the contract delays in performing the obligations or commits other acts in breach of the contract which leads to the the results that the purpose of the contract can not be realized; or

(5) Other circumstances as stipulated by law.