Sinopec Oilfield Equipment Corporation (SZSE:000852) agreed to acquire the remaining 40% stake in Wuhan Jiangduan Hijet Diamond Drill Bit Co., Ltd., from Taurex Drill Bits, LLC for $0.31 million on April 29, 2020. Upon completion, Wuhan Jiangduan Hijet Diamond Drill Bit Co., Ltd., will become a wholly owned subsidiary of Sinopec Oilfield Equipment Corporation, whereas stake of Taurex Drill Bits, LLC in Wuhan Jiangduan Hijet Diamond Drill Bit Co., Ltd., will cease to exist. The present transaction still needs to be filed or approved by relevant government departments such as the competent commercial department, development and reform department, foreign exchange management department, etc. The transaction has been approved by the 12th meeting of the 7th directorate of Sinopec Oilfield Equipment Corporation and there is no need for approval from the shareholders’ meeting of Sinopec Oilfield Equipment Corporation.