Chinagrowth North Acquisition Corp. (CGNAC) was formed for the purpose of acquiring, through a stock exchange, asset acquisition or other similar business combination, or control, through contractual arrangements, an operating business having its primary operations in the People's Republic of China in any city or province north of the Yangtze River.

The Company has completed its agreement to acquire UIB Group Limited.

UIB is one of the leading insurance brokerage companies in China, which has built a solid reputation as a provider of risk management services in the Chinese education sector. The Company was ranked the third largest insurance brokerage company in terms of insurance commission in 2006 and 2007, according to The Insurance Intermediary Market Development Report published by Chinese Insurance Regulatory Commission (''CIRC''). UIB is well positioned to take advantage of the increasing demand for insurance due primarily to the continued accumulation of wealth resulting from China's rapid economic growth.