Rongheng Intelligent Technology Co., Ltd. agreed to acquire 60% stake in Jiangxi Special Vehicle Co., Ltd. from Fangda Special Steel Technology Co., Ltd. for CNY 22.92 million.

FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD. is a China-based company principally engaged in the research and development, production and sales of steel products. The Company's main products include the automotive leaf springs, deformed steel bars, spring flat steels, round springs, shock absorbers, spring special equipments, auto parts and molds. Its products are mainly used in the manufacture of building materials and automobile parts. The Company is also engaged in the mining, processing and sales of iron minerals.