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In mid-2015, we acquired the yarn spinning business, together with all of its yarn spinning related technologies and patents, of Central Textiles (Hong Kong) Group. The acquisition has strengthened the professional yarn spinning technology of the Group to a great extent, and created further room for positioning of our differentiated products in the new Xinjiang production base. By the end of the year, we entered into a cooperation framework agreement with Ms. Lo Mo-ching, the present chairman of Hong Kong General Chamber of Textiles and Mr. Shiu King Wah. In addition to a proposed investment in the Wah Fung Group, the parties also agreed on jointly developing knitting and dyeing business in Vietnam, which would be a key step forward by the Group to implement its strategy to build a textile industrial chain platform. Besides, we also took the opportunity to acquire part of the workforce and equipment from a financially-distressed jeans wear manufacturing corporation situated in the PRC and Cambodia, which would enable us to accumulate experience for the preparation of developing jeans wear business inVietnam.
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