Yue Da Holdings’wholly-owned subsidiary Yue Da Mining has acquired the entire equity interests in Feisheng Group Corporation and its shareholder loans from Feilong Holdings Limited at a consideration of RMB250,000,000. Upon completion of the acquisition, Yue Da Holdings will come into 100% possession of Tengchong Ruitu Mining and Technology Co. Ltd. through Feisheng Group.
 
Upon completion of the acquisition, Yue Da Holdings will be in possession of 5 mines, namely, Heyaoping Lead-Zinc Ore Mine and Yongming Copper Mine of Baoshan Feilong Nonferrous Metal Co., Ltd., Laojiezi Lead-Zinc Ore Mine of Yaoan Feilong Mining Co., Ltd., Changdong Lead-Zinc Mine of Puer Feilong Mining Co., Ltd, and Wuji Mountain Lead-Zinc-Iron Mine of the newly-acquired Tengchong Ruitu Mining and Technology Co. Ltd., of which the last one is wholly owned by Yue Da Holdings.
 
Mr. Dong Li Yong, the Chief Executive and the Vice Chairman of the board of directors of Yue Da Holdings said, “During the past years, prices of nonferrous metal have been surging due to the rising domestic demands and consumption of iron, lead and zinc as China’s economy grew fast. Wuji Mountain of Tengchong County in Yunnan Province, where Tengchong Mining Site is located, is abundant in iron and zinc reserves. The acquisition will be a favorable factor to further develop our ore business.”
 
Looking forward, Mr. Dong Li Yong continued, “We will continue to capture the market opportunity in China’s iron, zinc and lead industries to expand our operations and enhance our competitiveness. We are committed to maximize profitability and optimize our competitive edge, so as to lay a solid foundation for the future development and thus maximize our shareholders' returns.”