Zhejiang Xinao Textiles Inc. (SHSE:603889) acquired remaining 35.71% stake in Zhejiang New Chuwa Wool Co., Ltd from Chuwa Wool Industry Co. Ltd. (TSEC:1439) effective July 23, 2015. Chuwa Wool Industry will transfer the stake for free.

After the transaction, Zhejiang New Chuwa Wool Co., Ltd will become a wholly owned subsidiary of Zhejiang Xinao Textiles Inc. Tongxiang Municipal Bureau of Commerce approved the transaction.