Zhejiang XCC Group Co.,Ltd entered into an agreement t acquire remaining 25% stake in JM Bearing Group Co.,Ltd. for CNY 45 million.

Zhejiang XCC Group Co., Ltd. is a China-based company principally engaged in the research, design, manufacture and distribution of bearing rings and finished bearings. Its bearing ring products include automobile bearing rings and non-automobile bearing rings. Its finished bearing products include precision automobile bearings, precision motor bearings and other bearings. The Company is also involved in the production of precision steel pipes. Its products are mainly applied in automobiles, motors, mechanized equipment and others. The Company distributes its products within domestic market and to overseas markets, including The Republic of Korea, Brazil, Europe and America, among others.