Huang Ronghua signed an equity transfer agreement to acquire Fujian Qingliu County Qingshan Forest Co., Ltd. from Fujian Qingshan Paper Industry Co., Ltd. (SHSE:600103) for CNY 27.5 million on December 31, 2013. The consideration is to be paid within 60 working days from the effective date of the agreement. Fujian Qingliu County Qingshan reported total assets of CNY 20.99 million and owner's equity of CNY 20.63 million as of June 30, 2013.

The transaction was approved by State-owned Assets Supervision and Administration Commission of Fujian Province.