Beijing Qianjing Honghai Technology Co., Ltd. agreed to acquire the remaining 49% stake in Beijing Heshan Hongyun Logistics Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd for CNY 78 million

Beijing Hanjian Heshan Pipeline Co.,Ltd is a China-based company principally engaged in the manufacture and sales of concrete pipes for water delivery. The Company provides products including prestressed concrete cylinder pipe (PCCP), reinforced concrete drainage pipe (RCP) and commercial concrete. The Company's lead product, PCCP, is applied in large and medium-sized water diversion projects, municipal water supply and drainage and other water projects. The Company operates its business in North China, northeast area and northwest area of China.