GCL-Poly Energy Holdings Ltd. (SEHK: 3800) signed an agreement to acquire Sichuan Xie Xin Silicon Technology Company Limited from Shanghai Guoneng Investment Co., Ltd. for CNY 91 million on January 12, 2012. GCL-Poly Energy Holdings Ltd. also agreed to acquire Charm Team Limited from Sinopro Enterprises Limited for CNY 290 million in a related deal. The net asset value of Sichuan Silicon was CNY 75 million as at October 31, 2011. The transaction is contingent upon approval by shareholders of Shanghai Guoneng Investment Co., Ltd., approval of Board of Directors of GCL-Poly Energy Holdings Ltd. and all required regulatory approvals. Zhu Gong Shan and Zhu Yu Feng abstained from voting on the resolutions of Board of Directors of GCL-Poly Energy Holdings to approve the above transactions. The transaction is expected to close by December 31, 2012, after the satisfaction of the all precedent conditions, which if not satisfied will result in the termination of the share purchase agreement. GCL-Poly Energy Holdings Ltd. (SEHK: 3800) completed the acquisition of Sichuan Xie Xin Silicon Technology Company Limited from Shanghai Guoneng Investment Co., Ltd. on March 2, 2012. All the conditions precedent to the acquisition has been satisfied.