Changyuan Group Ltd. (SHSE:600525) agreed to acquire 80% stake in Jiangsu Huasheng Chemical Co., Ltd. from Shen Jinliang and 25 other stockholders for CNY 720 million on November 5, 2014. Shen Jinliang, Xu Meilan, Shen Yinliang, Zhang Xuemei, Li Weifeng, Shen Qiang, Wu Jinchu, Yuan Xuan, Cao Xiaodong, Zhang Xianlin, Shen Gang, Shen Ming, Yuan Yang, Lin Gang, Zhu Jieyuan, Zhang Liya, Ling Xingjun, Yang Zhiyong, Sun Changbiao, Wen Qingnan, Zhao Jianguang, Jiangsu High Investment Innovation Technology Venture Capital Partnership (Limited Partnership), Jiangsu High Investment and Value of Innovation Venture Capital Partnership ( LLP ), Beijing Jianyuan Xinbo Equity Investment Center (Limited Partnership), Chen Nenghong and High-tech Investment and development Co., Ltd. As of December 31, 2013, Jiangsu Huasheng Chemical had total assets of CNY 273.07 million, total liabilities of CNY 70.9 million, net assets of CNY 202.17 million and net profit of CNY 51.48 million. The transaction was approved by Board of Directors of Changyuan Group on November 5, 2014.

The Valence Group acted as financial advisor to HSC Corporation.