Jiangsu Jinyang Real Estate Development Co., Ltd. signed an equity transfer agreement to acquire Jiangsu Bright Industrial Development Co., Ltd. from Kunming Sinobright (Group) Co., Ltd. (SZSE:000560) and Beijing Tian'an Weiye Century Investment Co., Ltd. for approximately CNY 430 million on December 30, 2013. In the deal, Kunming Sinobright (Group) Co. will sell the 86.94% stake it holds in Jiangsu Bright Industrial Development Co for CNY 417.31 million. After the completion of this transfer, Kunming Sinobright will no longer hold any stake in Jiangsu Bright Industrial Development Co., Ltd. The payment will be made in three installments of CNY 96 million, CNY 144 million and CNY 240 million.

Jiangsu Bright had total assets and liabilities of CNY 520.8 million and CNY 192.39 million respectively with stockholders' equity of CNY 328.41 million as on September 30, 2013. Jiangsu Bright reported revenues of CNY 65.81 million, operating profit of CNY 4.6 million and net profit of CNY 3.52 million for the nine months ending September 30, 2013. Kunming Sinobright's Board of Directors approved the sale at a meeting held on December 30, 2013. The transaction does not need the approval of the stockholders.

As of April 25, 2014, Jiangsu Jinyang Real Estate Development assigned Wuxi Ziying Investment Management Co., Ltd. as the buyer and it was announced that the transfer price of CNY 480 million agreed in the main agreement will be adjusted to CNY 432 million, of which the transfer price for the 86.94% stake in Jiangsu Bright Industrial Development owned by Kunming Sinobright (Group) Co., Ltd. will be adjusted to CNY 375.58 million. On April 25, 2014, the transaction has been approved by Board of Directors of Kunming Sinobright (Group) Co., Ltd.