Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao entered into an agreement to acquire a 21.36% stake in Neway Valve Co., Ltd. from Neway Group Co., Ltd. for CNY 1.1 billion.

Neway Valve (Suzhou) Co., Ltd. is a China-based company, principally engaged in the design, manufacture and distribution of industrial valves. The Company's main products include sluice valves, ball valves, isolating valves, check valves, butterfly valves, control valves, safety valves, nuclear power valves, as well as wellhead equipment and others. Its products are applied in petroleum, natural gas, refining, chemical, ships, electric power, long-distance transport pipes and other industries. The Company distributes its products in both domestic and overseas markets.