On 27 March 2015, the project with respect to the issue of shares for purchasing assets as well as funds-raising of Shanghai Shibei Hi-tech Co., Ltd (“Shibei Hi-tech”) was passed and approved at the 22^nd meeting of the M&A and Reorganization Approval Committee of the China Securities Regulatory Commission.

The project aims to intensify the reform of state-owned assets and improve the securitization ratio of the state-owned assets.  Shanghai Shibei Hi-tech (Group) Co., Ltd., the controlling shareholder of Shibei Hi-tech, has fulfilled the promise made in the previous reorganization of material assets, and minimized the related transactions and horizontal competition.

Grandall Shanghai Office has acted as the special legal advisor for Shibei Hi-tech, with Mr. Chen Feng, Mr. Zhu Feng and Mr. Huang Meng being key Grandall lawyers servicing the case.