Senior managers of the company and its subsidiaries plan to purchase the total equity of Hongkong Chuanyuan Investment Co., Ltd., a shareholder of the company's subsidiaries.

The acquisition comes from Zhou Ziping's, an investor, plan to sell out his entire shareholdings of Hong Kong Chuanyuan. Currently, detailed issues related to the acquisition are under discussion. Following the completion of the acquisition, Zhou will become a senior manager of the company and equities held by Hong Kong Chuanyuan in its joint stock companies will not be changed.

The company has said that the it and its subsidiaries are optimistic about the future development of joint stock companies of Hong Kong Chuanyuan. Managers participating in the acquisition are mostly from the company's subsidiaries except Feng Daming, general manager of the company. The company has no right of first refusal in the acquisition as it is not a shareholder of Hong Kong Chuanyuan.


Source: Security Times

Date: 26 Jun 2008

CN/BG/MZ/AR/KM