Huang Jiacheng agreed to acquire 80% stake in Fujian Qingshan Youxi Paper Industry Co., Ltd. from Fujian Qingshan Paper Industry Co., Ltd. (SHSE:600103) for CNY 22.2 million on December 29, 2012. Huang Jiacheng signed an equity transfer contract to acquire 80% stake in Fujian Qingshan Youxi Paper Industry Co., Ltd. from Fujian Qingshan Paper Industry Co., Ltd. (SHSE:600103) for CNY 22.2 million on January 5, 2013. Huang Jiacheng shall pay 50% of the total transfer price within 10 working days from the effectivity date of the contract and shall pay the remaining balance of 50% of the total transfer price within 60 working days from the effectivity date of the contract.

Huang Jiacheng won the public bidding and will acquire the entire stake from Fujian Qingshan Paper. As of December 31, 2012, Fujian Qingshan Youxi Paper Industry Co., Ltd.'s total assets is CNY 9.31 million, total liabilities is CNY 5.81 million, and total owners' equity is CNY 3.50 million. Fujian Qingshan Youxi's 2012 revenue is CNY 0.00 and net loss is CNY 1.68 million.