Luoyang Kezun Hi-tech Materials Co., Ltd. agreed to acquire 51% stake in Sinomach Precision Industry New Materials Co., Ltd. from Sinomach Precision Industry Co.,Ltd. for CNY 28.13 million.

Sinomach Precision Industry Group Co Ltd, formerly Sinomach Precision Industry Co Ltd, is a China-based company mainly engaged in the research, development, production and sales of bearings and abrasives. The Company's products and services include special and precision bearings, electric spindles, superhard material grinding tools, diamond materials, composite superhard materials, high-voltage equipment, supply chain operation service, as well as technology development and testing services. The Company's products are applied in aerospace, naval weapon, automotive and rail transit, electronics, new energy, machine tool, petrochemical, medical equipment and refrigeration industries. The Company distributes its products within domestic market and to overseas markets.