Anshan Heavy Duty Mining Machinery announced that it signed an Agreement of Intent for Acquiring Assets by Cash on June 16th with Jiangxi Tongan, aiming to acquire no less than 51% shares of Jiangxi Xingli Technology Co., Ltd. held by Jiangxi Tongan with self-owned funds.

Xingli Technology engages in collection & storage, dressing, processing and marketing of products including lithium ore, lepidolite, tantalum-niobium, tin, as well as R&D and development of lithium battery. The reason for Anshan Heavy Duty Mining Machinery to acquire the above shares is that it wants to expand new business and extend the original mining machinery business to upstream dressing business.