Guangsha Holding Group Co., Ltd. agreed to acquire Zhejiang Xuanzhu Industrial Co., Ltd. from Zhejiang Guangsha Co., Ltd. (SHSE:600052) for approximately CNY 650 million on November 29, 2015. In a related transaction, Guangsha Holding Group Co., Ltd. agreed to acquire Tonhe Property Investment Co., Ltd. from Zhejiang Guangsha Co., Ltd. for approximately CNY 110 million on November 29, 2015. Zhejiang Xuanzhu Industrial reported total assets of CNY 479.09 million, net assets of CNY 449.91 million, nil operating revenues, and net loss of CNY 0.09 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 on November 29, 2015. The deal was approved by the shareholders of Zhejiang Guangsha on December 16, 2015.

Guangsha Holding Group Co., Ltd. completed the acquisition of Zhejiang Xuanzhu Industrial Co., Ltd. from Zhejiang Guangsha Co., Ltd. (SHSE:600052) on January 30, 2016.