China Sanjiang has completed the acquisition of the 75% of the equity interest of Zhejiang Xingxing New EnergyTechnology Co., Ltd.

China Sanjiang has completed the acquisition of the 75% of the equity interest of Zhejiang Xingxing New EnergyTechnology Co., Ltd.. As of today, Xingxing has obtained all the necessary approvals and licenses for the construction of the MTO Technology-based production facility and will commence such construction on 18 October 2012. A construction commencement ceremony will also be held on 18 October 2012. The Group expects the commercial operation of the MTO Technology-based production facility will take place at the end of 2014.