On 13 June 2016, China Goldjoy Group Limited (“China Goldjoy”) completed the acquisition of 50% interest in Shenzhen B&K New Energy Co., Ltd. (“Shenzhen B&K”), through its indirect wholly-owned subsidiary in the Group.

Through this acquisition, China Goldjoy obtained the control in Shenzhen B&K, a company principally engaged in the production and operation of machinery and electronic products and the development of new energy technologies. Shenzhen B&K is currently holding a piece of land with approximately 120,000 square meters at the core area of Guangming New District in Shenzhen, on which approximately 100,000 square meters of properties completed, and the remaining undeveloped land is reserved for the purpose of development and construction upon local government planning.

The aims of the acquisition of the target company’s control in Shenzhen B&K are to focus on the development of the new energy industry and the light-emitting diode manufacturing business, engage in related research, and develop and operate the land held by it in accordance with the local government planning.