Zhejiang Neoglory Building Materials and Zhejiang Wansha Real Estate Development entered into an agreement to acquire Maanshan Fangyuan Slewing Ring Company Limited (SZSE:002147) in a reverse merger transaction on December 25, 2015. An agreement was signed on December 26, 2015. Maanshan Fangyuan will issue 969.4 million shares in exchange for Zhejiang Neoglory Building Materials and Zhejiang Wansha Real Estate Development stake. As a result of transaction, Neoglory Holdings Group Co., Ltd. and Yu Yunxin, shareholders of Zhejiang Neoglory Building Materials and Zhejiang Wansha Real Estate Development will obtain shareholding of Maanshan Fangyuan. The transaction is subject to the approval of China Securities Regulatory Commission and approval by Maanshan's shareholders. On December 25, 2015, shareholders of Neoglory Holdings Group Co., Ltd. approved the transaction while on December 26, 2015, Maanshan Fangyuan's Board approved the transaction. On January 12, 2016, the shareholders' of Maanshan Fangyuan Slewing Ring Company Limited approved the transaction. On March 4, 2016, China Securities Regulatory Commission approved the transaction. Southwest Securities Company Limited acted as financial advisor, Beijing Grandway Law Firm acted as legal advisor and Reanda Certified Public Accountants acted as an accountant for Maanshan Fangyuan.

Zhejiang Neoglory Building Materials and Zhejiang Wansha Real Estate Development completed the acquisition of Maanshan Fangyuan Slewing Ring Company Limited (SZSE:002147) in a reverse merger transaction on April 5, 2016.