2011-01-25 – Page 4 – China Stock Advice

SINA [SINA] SC 13G/A: 1. Names of Reporting Persons. I.R.S. Identification Nos.

[1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Baillie Gifford & Co (Scottish partnership) _______________________________________________________________________ 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a).................................................................... (b).................................................................... _______________________________________________________________________ 3. SEC Use Only _______________________________________________________________________ 4. Citizenship or Place of Organization SCOTLAND UK _______________________________________________________________________ Number of 5. Sole Voting Power 1819900 Shares Bene ______________________________________________________]

ZA [ZUOAN FASHION] F-1/A: AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT

[AMENDMENT NO. 3 TO FORM F-1 REGISTRATION STATEMENT Zuoan Fashion Limited Not Applicable Cayman Islands 2320 Not Applicable Rooms 213 to 215, Block 8 Name of Agent for Service (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) Copies to: James C. Lin, Esq. David Roberts, Esq. Approximate date of commencement of proposed sale] [[LETTERHEAD OF DAVIS POLK & WARDWELL LLP] January 25, 2011 Zuoan Fashion Limited Rooms 213 to 215, Block 8 No. 1150 Luochuan Middle Road Shanghai 200072 China Dear Ladies and Gentlemen: Zuoan Fashion Limited We have examined such matters of fact and law as we have deemed necessary or advisable for the purpose of this opinion. We hereby confirm our]