Xiangtan Electrochemical Scientific Ltd. (SZSE:002125) agreed to acquire Xiangtan Sewage Treatment Co., Ltd. from Xiangtan Zhenxiang State-owned Assets Management Co., Ltd. for approximately CNY 180 million in stock on January 29, 2014. Xiangtan Electrochemical Scientific Ltd. issued 22.7 million shares at CNY 8 each. The transaction is subject to approval by State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government and by CSRC. The transaction was approved by State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government on January 29, 2014. The transaction is approved by Board of Directors of Xiangtan Electrochemical on February 13, 2014 and by shareholders on August 7, 2014. On July 31, 2014, the Hunan Provincial State-owned Assets Supervision and Administration Commission agreed in principle to the acquisition of Xiangtan Sewage Treatment Co., Ltd. As on December 29, 2014, the transaction was approved by the China Securities Regulatory Commission. Shenyin & Wanguo Securities Co., Ltd. acted as financial advisor for Xiangtan Electrochemical Scientific Ltd. Pan-China Certified Public Accountants (Special General Partnership) acted as accountant, (Hunan) Qiyuan Law Firm acted as legal advisor to Xiangtan Electrochemical Scientific Ltd. Kaiyuan Asset Appraisal Co., Ltd. acted as the appraisal agency to the transaction.

Xiangtan Electrochemical Scientific Ltd. (SZSE:002125) completed the acquisition of Xiangtan Sewage Treatment Co., Ltd. from Xiangtan Zhenxiang State-owned Assets Management Co., Ltd. on January 10, 2015.