Suzhou Yangtze New Materials Co., Ltd. (SZSE:002652) signed a letter of intent to acquire 51% stake in Russia United New Materials Co., Ltd. from Ma Deming for approximately CNY 290 million on January 16, 2015. On March 9, 2015, Suzhou Yangtze New Materials Co., Ltd. signed the agreement to acquire 51% stake in Russia United New Materials Co., Ltd from Ma Deming. Suzhou Yangtze New Materials Co., Ltd. intends to fund the acquisition from self owned-funds.

Russia United New Materials Co., Ltd reported operating revenues of CNY 418.04 million, operating profit of CNY 37.22 million and net profit of CNY 29.76 million. As of December 31, 2014, Russia United New Materials Co., Ltd reported total assets of CNY 190.29 million, total liabilities of CNY 157.13 million and net assets of CNY 33.16 million. This transaction still needs to be submitted for review in the Suzhou Yangtze New Materials shareholders' meeting. A meeting of shareholders will be held on March 26, 2015 to approve the transaction. The Board of Suzhou Yangtze New Materials Co., Ltd. approved the transaction. Shareholders of Suzhou Yangtze New Materials Co., Ltd. approved the transaction on March 26, 2015.

Suzhou Yangtze New Materials Co., Ltd. (SZSE:002652) cancelled the acquisition of 51% stake in Russia United New Materials Co., Ltd. from Ma Deming on January 16, 2016.