Shandong Tongxin Electronics Co., Ltd. agreed to acquire an additional 21% stake in Jinan Gude Electronic Device Co., Ltd. from Hainan Yatai Industrial Development Co., Ltd. (SZSE:000691) for CNY 8.8 million in cash on December 31, 2013. Shandong Tongxin Electronics will pay the complete consideration amount within five working days after the agreement becomes effective. Shandong Tongxin Electronics Co., Ltd. will use its own funds to pay for the transfer price.

Jinan Gude Electronic Device reported total assets of approximately CNY 61.4 million and net assets of approximately CNY 16.21 million as of September 2013. For the January to September 2013 period, Jinan Gude Electronic Device Co. had revenues of approximately CNY 90.27 million, operating loss of approximately CNY 1.03 million and net loss of approximately CNY 1.09 million for the year ended December 31, 2012.

The Board of Directors of Hainan Yatai Industrial Development approved the transaction. The transaction is subject to approval of shareholders of Hainan Yatai Industrial Development.