Xiangtan Electric Manufacturing Co. Ltd. agreed to acquire 60% of stake in Hunan Xiangdian Electrical Engineering Co., Ltd. from Xiangtan Electric Manufacturing Group Co., Ltd. for CNY 32 million.

Xiangtan Electric Manufacturing Co., Ltd. is a China-based company principally engaged in the manufacture and distribution of mechanical and electrical products. The Company's principal products include alternating current (AC) electric motors, wind power generating systems, direct current (DC) electric motors, urban rail vehicles, pumps and complimentary products, as well as spare parts and others. The Company is also engaged in related trading business. The Company distributes its products within domestic market and to overseas markets.