Jingrui Holdings Limited (SEHK:1862) won a bid to acquire land No. 6 in Ningbo, Zhejiang from Ningbo Land Bureau for approximately CNY 340 million on January 30, 2015. As part of the consideration, a deposit of CNY 69.1 million has been paid by Jingrui Holdings to Ningbo Land Bureau and the remaining balance shall be settled in accordance with the land use right transfer agreement. The consideration will be satisfied by the internal resources of Jingrui Holdings. Pursuant to the terms of the auction confirmation letter, the land use right transfer agreement for the Land No. 6 should be executed before February 6, 2015.

Jingrui Holdings Limited (SEHK:1862) cancelled the acquisition of land No. 6 in Ningbo, Zhejiang from Ningbo Land Bureau on January 30, 2016.