Jiaxing Junwen Silver Basis Investment Partnership Enterprise (Limited Partnership) signed an equity transfer agreement to acquire 11.18% stake in IAT Automobile Technology CO.,LTD. from Twin Peak Limited for CNY 46.6 million on January 4, 2017. Under the terms of the transaction, Jiaxing Junwen Silver Basis Investment Partnership Enterprise (Limited Partnership) will acquire 6.2 million shares in IAT Automobile Technology CO.,LTD. from Twin Peak Limited for CNY 7.5 per share. Jiaxing Junwen Silver Basis Investment Partnership Enterprise (Limited Partnership) plans to use internal funds for the acquisition. Post-closing, Jiaxing Junwen Silver Basis Investment Partnership Enterprise (Limited Partnership) will hold 11.18% stake in IAT Automobile Technology CO.,LTD.