Jiangdang acquires 40% stake in PDCL, USA

The fifth meeting of the fifth board of directors of Jiangdui Co., Ltd. reviewed and approved the “Proposal on the Company's Acquisition of 40% Equity of PDC Logic Co., Ltd. (PDCL) and the establishment of a joint venture between the company and Hijet Bit Co., Ltd. of the United States”.

The completion of foreign investment is as follows:

According to a document signed by Kingdream USA, Inc. and Hijet, Kingdream USA, Inc. invested US$607,400 to acquire a 40% stake in PDCL held by Hijet. Upon completion of the acquisition, PDCL's shareholding structure is: Hijet holds 60% of its equity; Kingdream USA, Inc. holds 40% of its equity.

The company and Hijet have jointly invested in the establishment of Wuhan Jiangdui Haijieite Diamond Drill Co., Ltd. The company invested US$915,000 in equipment and held 60% of its shares; Hijet paid US$610,000 in cash and held 40% of its shares.

On October 30, 2013, Wuhan Jianghai Haijiete Diamond Bit Co., Ltd. was awarded the “Business License for Enterprise Legal Person” issued by Wuhan Administration for Industry and Commerce.

The investment projects described in the “Proposal on the Company's Acquisition of 40% Equity of PDC Logic LLC of the United States and the Establishment of a Joint Venture Company by the Company and Hijet Bit Co., Ltd.” have all been completed.

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