Hubei Feilihua Quartz Glass Co.,Ltd (SZSE:300395) signed an agreement to acquire Shanghai Ustron Optical Glass Co., Ltd. from Wu Jian and Liang Weixing for CNY 130 million on December 10, 2015. Wu Jian will sell 70% and Liang Weixing will sell 30% of Ustron. Ustron reported as on December 31, 2014, total assets of CNY 30.75 million, total liabilities of CNY 16.47 million, net assets of CNY 14.27 million, revenue of CNY 56.75 million, operating profit of CNY 6.05 million, total profit of CNY 6.24 million and net profit of CNY 4.89 million.

Ustron reported as on October 31, 2015, total assets of CNY 34.92 million, total liabilities of CNY 12.94 million, net assets of CNY 21.98 million, revenue of CNY 53.07 million, operating profit of CNY 10.17 million, total profit of CNY 10.32 million and net profit of CNY 7.7 million. In addition, Shanghai Ustron Optical Glass Co., Ltd. announced that it will receive CNY 9 million in an equity round of funding from Hubei Feilihua Quartz Glass. Upon completion, the registered capital of Shanghai Ustron will increase from CNY 1 million to CNY 10 million.

The transaction has been approved by the Board of Directors of Hubei Feilihua Quartz Glass Co.,Ltd.