Taiping & Sinopec Financial Leasing Co., Ltd. agreed to acquire leased assets from Kuche Tianshan Cement Co., Ltd. and Xinjiang Tianshan Cement Co., Ltd. (SZSE:000877) for approximately CNY 650 million on November 18, 2016. Under the terms of the agreement, the consideration shall be paid within one working day after the satisfaction of the conditions agreed in the Kuche finance lease contracts. In a related transaction, Taiping & Sinopec Financial Leasing Co., Ltd. agreed to acquire leased assets from Kuche Tianshan Cement Co., Ltd. and Aksu Tianshan Duolang Cement Co., Ltd. for approximately CNY 360 million. The leased assets in the transaction include the equipment, structures and ancillary facilities of Kuche Tianshan Cement Co., Ltd. and Xinjiang Tianshan Cement Co., Ltd. Taiping & Sinopec has agreed to leaseback the acquired assets to Tianshan Cement Co., Ltd. and Xinjiang Tianshan Cement Co for a period of 60 months. Proceeds from the sale of the leased assets will be used to replenish the lessees’ working capital and to repay their borrowings.