Fujian Tongfu Industrial Co., Ltd agreed to acquire majority stake in fifteen companies in China from Fujian Guanfu Modern Household Wares Co.,Ltd (SZSE:002102) and Shanghai Wutian Industrial Co., Ltd. on December 4, 2015. In a related transaction, Fujian Tongfu Industrial Co., Ltd agreed to acquire in Guangzhou Wutian Daily Utensils Distribution & Delivery Center from Fujian Guanfu Modern Household Wares Co.,Ltd (SZSE:002102) and Shanghai Wutian Industrial Co., Ltd. on December 4, 2015. Both transaction are valued for CNY 430 million. Fujian Tongfu Industrial Co., Ltd will acquire the equity of sixteen companies at CNY 210.05 million and creditors' rights in Fujian Guanlin Bamboo Houseware Co., Ltd and Quanzhou Guanjie Ceramics Co., Ltd at CNY 219.95 million. On December 8, 2015, an agreement was signed. The transaction is subject to approval of shareholders' of Fujian Guanfu Modern Household Wares Co., Ltd and approval of shareholders' of fifteen companies in China. The shareholders' of Fujian Tongfu Industrial Co., Ltd and fifteen companies in China approved the transaction on December 4, 2015. On December 8, 2015, the Board and the supervisory board of Fujian Guanfu Modern Household Wares Co.,Ltd approved the transaction. The shareholders of Shanghai Wutian Industrial Co., Ltd. approved the transaction on December 8, 2015. On December 24, 2015, the shareholders' of Fujian Guanfu Modern Household Wares Co.,Ltd approved the transaction.

As of December 21, 2015, Fujian Tongfu Industrial Co., Ltd. acquired 100% stake in Shenyang Wutian Trading Co., Ltd. As of December 25, 2015, Fujian Tongfu Industrial Co., Ltd. acquired 100% stake in Tianjin Wutian Daily Utensils Distribution & Delivery Center Co., Ltd. and Xian Wutian Trading Co., Ltd. As of December 28, 2015, Fujian Tongfu Industrial Co., Ltd. acquired 100% stake in Chongqing Wutian Trading Co., Ltd., Beijing Guanfu Wutian Commercial Trade Co., Ltd. and Nanning Wutian Daily Utensils Distribution & Delivery Co., Ltd. As of December 29, 2015, Fujian Tongfu Industrial Co., Ltd. acquired 98% stake in Fujian Guanlin Bamboo Houseware Co., Ltd. and 75% stake in Quanzhou Guanjie Ceramics Co., Ltd. As of December 30, 2015, Fujian Tongfu Industrial Co., Ltd. acquired 100% stake in Fujian Guanfu Industrial Co., Ltd., 60% stake in Fujian Dehua Huapeng Huazhi Co., Ltd., 95% stake in Chengdu Wutian Daily Utensils Distribution & Delivery Co., Ltd., 100% stake in Wuhan Wutian Trading Co., Ltd., 93.21% stake in Shanghai Wutian Supply Chain Service Co., Ltd. and 75% stake in Shanghai Wutian Culture Communication Co., Ltd. As of January 6, 2016, Fujian Tongfu Industrial Co., Ltd acquired 100% stake in Shenzhen Wutian Daily Utensils Co., Ltd.

Essence Securities Co., Ltd., Investment banking arm acted as the financial advisor, Grandall Law Firm acted as the legal advisor and ZhongXingCaiGuangHua CPA Office Co. Ltd acted as the accountant to Fujian Guanfu Modern Household Wares Co., Ltd.

Fujian Tongfu Industrial Co., Ltd completed the acquisition of majority stake in fifteen companies in China from Fujian Guanfu Modern Household Wares Co.,Ltd (SZSE:002102) and Shanghai Wutian Industrial Co., Ltd. on January 6, 2016.