Shaoxing BSM Chemical Co., Ltd. agreed to acquire 20% stake in Ningbo Generic Chemical Co.,Ltd. from Shanghai Chutongjie Enterprise Management Partnership Enterprise and Shanghai Fengtong Business Information Consulting Partnership Enterprise (Limited Partnership) for CNY85 million.

BSM CHEMICAL CO., LTD. is a China-based company mainly engaged in the research, development, production and sales of environmentally-friendly pesticide pharmaceutical intermediates, pesticide raw materials and pesticide preparations. The Company's main products are the original drug, intermediate and preparation of pendimethalin. The Company conducts its businesses within the domestic market and to overseas markets.