Date: 2013-07-31

Xiangyang Automobile Bearing Co., Ltd (ZXY )Plans to Refinance RMB 680 Million

October 11

Xiangyang Automobile Bearing Co., Ltd (ZXY) issued a refinancing program for financing RMB 680 million. Regarding this program, the company plans to offer additional 120 million shares privately, at not less than 5.72 yuan per share. It is known that this refinancing program is facing to a maximum of 10 designated investors, including Sanhuan Group.Sanhuan Group gave a commitment that it will subscribe to not less than 70 percent of the shares to be issued.

Sanhuan Group currently has a 95 percent stake in Xiangyang Bearing Group. The latter has a controlling stake in Xiangyang Automobile Bearing Share, with a stake of 82.56 million shares, or 27.42 percent of total equity.

Proceeds raised will mainly be used for the construction of the first phrase of the Sanhuan Bearing Industrial Park. Construction of the first phase of the industrial park will require a total investment of 774 million yuan.

Of the total, 724 million yuan will be used for the construction, with the remaining 49.66 million yuan to be used for liquidity needs.

The company expects to use 670 million yuan of the funds raised for the industrial park.

Following the completion of construction, the company will be able to produce an additional 12 million bearings used in commercial vehicles per year, contributing revenue of 828 million yuan per year.

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