August 15, 2013, Fujian Carat Leather Fiber Co., Ltd (Fujian Carat) private placement was delivered successfully. The invested amount reached up to USD 50 million. This private placement transaction structure was complicate, including establishment of a Cayman company, two BVI companies and a Hong Kong company and involving ordinary shares, Class A, Class B and Class C preferred shares, convertible bonds, warrant, capitalization etc.

Fujian Carat is principally engaged in an array of high-end PU synthetic leather, high-tech superfine fiber leather and auxiliary materials.

Jingtian & Gongcheng acted as the company’s PRC legal counsel and the lead of the transaction.