December 17, 2010, Guangdong Guanhao High-tech Co., Ltd. (Guangdong Guanhao) obtained the approval from China Securities Regulatory Commission (CSRC) for its acquirement of 100% equity of Zhanjiang Guanlong Paper Industry Co., Ltd from China National Paper-Industry Investment Corp, with a consideration of CNY 168,962,600.

Jingtian & Gongcheng acted for Guangdong Guanhao in the transaction.