Date: 2013-07-31

Maanshan Fangyuan Slewing Ring Co., Ltd to Add Another Holding Subsidiary

On April 14th, Maanshan Fangyuan Slewing Ring Co., Ltd held a joint venture signing ceremony with Anhui Tongsheng Ring Co., Ltd at the mutifunctional meeting room of Fangyuan Slewing Ring Co., Ltd. Mr. Qian Senli, the president, Mr. Bao Zhiguo, the general manager, and former leaders of Anhui Tongsheng Ring Co., Ltd attended the conference. Qian Lisen and Jiang Shaopeng, the former president of Anhui Tongsheng Ring Co., Ltd jointly signed an equity transfer agreement and capital increase agreement ect. Since then, the fourth holding subsidiary of Fangyuan Slewing Ring Co., Ltd. has come into being.

During the day, Fangyuan Slewing Ring Co., Ltd. held the second conference of the third session of the board and approved the motion of "On Investing in Anhui Tongsheng Ring Co., Ltd". With an investment of RMB 35 million, accounting for 70% of Anhui Tongsheng Ring Co., Ltd's registered capital, Anhui Tongsheng Ring Co., Ltd, a enterprise of producing ring forgings, mechanical equipments, hydraulic equipments and machinery processings, becomes a holding subsidiary of Fangyuan Slewing Ring Co., Ltd.

The two parties reached the advantage complementation through this joint venture and effectively promote the production capacity resturcturing of Fangyuan Slewing Ring Co., Ltd.

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