Zhaoqing Wanyang Zhongchuang City Technology Co., Ltd. singed a contract to acquire a 76% stake in Guangdong Baolong Automobile Co., Ltd. from Guangdong Hongtu Technology Co.,Ltd. for approximately CNY 180 million.

Guangdong Hongtu Technology (Holdings) Co., Ltd is a China-based company principally engaged in the design, production and manufacture of precision aluminum alloy die-castings. The Company's main products include cylinder head covers, oil sumps, transmission housings, clutch housings and gear chambers for automotive engines and gearbox accessories, as well as cabinets, radiators and covers for communication base station transmitters as well as all types of motor components. The Company distributes its products both in the domestic market and to overseas markets.