Guangsha Holding Group Co., Ltd. agreed to acquire Tonhe Property Investment Co., Ltd. from Zhejiang Guangsha Co., Ltd. (SHSE:600052) for approximately CNY 110 million on November 29, 2015. In a related transaction, Guangsha Holding Group Co., Ltd. agreed to acquire Zhejiang Xuanzhu Industrial Co., Ltd. from Zhejiang Guangsha Co., Ltd. for approximately CNY 650 million on November 29, 2015. Tonhe Property Investment reported total assets of CNY 1.89 billion, net assets of CNY 528.02 million, operating revenues of CNY 310.37 million and net loss of CNY 151.94 million as of December 31, 2014.

The deal is subject to approval of shareholders of Zhejiang Guangsha in a meeting to be held on December 16, 2015. The deal was approved by the Board of Directors of Zhejiang Guangsha. The deal was approved by the shareholders of Zhejiang Guangsha on December 16, 2015.