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Finance: Panda Fireworks purchased 51% stake of Dancing Fireworks with 62.66 million
Wednesday, September 8, 2010

Panda Fireworks today revealed that would investe 62.66 million RMB to purchase 51% of the shares of Dancing Fireworks Group Co., Ltd from its holdings of natural persons Zhong Ziqi.

According to announcement,Liuyang Dancing Fireworks Group Limited ("Dancing Group") was established in October 17th, 2000. Its business scope mainly involves production and sale of fireworks, fireworks/firecrackers engineering design and operation for fireworks performance parties and new products research and development, paper sales, processing and sales packaging.

As reported, Dancing Fireworks Group has been identified as the Shanghai World Expo fireworks display unit, responsible for the core fireworks display of Shanghai World Expo, but formal agreement has not been signed.

Panda Fireworks said this purchase would strengthen the company R & D, and reduce procurement costs and expand sales and display market shares in domestic and abroad, in line with company’s strategy development. The implementation of the purchase will help Panda increase its industry position and competitiveness, and enhance corporate profitability. Expected impact to the Company will be good.

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