Zheshang Development Group Co.,Ltd and Zhejiang Zheqi Industrial Co., Ltd. entered into the Joint Venture Agreement, pursuant to which Zheshang Development and Zhejiang Zheqi will jointly establish the Joint Venture which will be principally engaged in spot and futures trading of commodities and supply chain management. The Joint Venture Agreement sets out, among other things, the manner of formation of the Joint Venture, the management of the Joint Venture and certain rights and obligations of the shareholders of the Joint Venture and their financial commitments to the Joint Venture. The Joint Venture Agreement will only take effect upon all necessary approvals for the implementation of the transactions contemplated under the Joint Venture Agreement having been obtained by Zheshang Development and Zhejiang Zheqi.