Chongqing Machinery & Electric Co., Ltd. entered into agreement to acquire 35.79% stake in Chongqing Gas Compressor Factory Co. Ltd. from China?s Agriculture Development Key Construction Fund Co., Ltd. for CNY 67 million.

CHONGQING MACHINERY & ELECTRIC CO., LTD. is principally engaged in the manufacture and sales of vehicle parts and components, general machinery, machinery tools and power equipment. The Company operates its business through nine segments: Engines, Gear Boxes, Hydroelectric Generation Equipment, Electrical Wires and Cables, General Machinery, Financial Services, Machinery Tools, High-Voltage Transformers and Materials Sales. Through its subsidiaries, the Company is also engaged in the manufacture of transmission systems for vehicles and pumps.