On 10 January, 2011 Jinsheng Industry Holding Co. Ltd invested 100 million euros to successfully acquire 50% share of the world’s leading machine tools manufacturer – the Germany EMAG group. The company thus became the largest shareholder among the three holding companies, setting a record for the biggest single overseas acquisition of shares among private enterprises in Jiangsu Province. In the afternoon of 7th January local time in Berlin Germany, Jinsheng Industry Holding Co. Ltd and the EMAG Group formally signed the share purchase contract, which was also signed by China Development Bank.

　　This project has received great attention from leaders of both countries. Li Keqiang, member of the CPC political bureau and Vice Premier and German Vice Chancellor and Foreign Minister Mr. Westerwelle jointly attended the signing ceremony.

　　The Germany EMAG Group, founded in 1867, is the inventor of inverted pendulum machine tools. At present, the company owns 40% of the global market share, and possesses over 200 international patents. It is the world renowned supplier supplying high-end gears, gearboxes and high-speed train wheel hub processing equipment.

　　In recent years, Jinsheng Industry Holding Co. Ltd located in Jintan has gradually increased its company strength by relying on technological innovation and R & D investment while adhering to research-education-industry combination and international development. Through a joint venture with Swiss Saurer Textile Machinery Group, Jinsheng has controlled much of the international market. As a result, its strong market development and capital operation ability suits the needs of the EMAG Group.

　　The EMAG Group had previously invested 25 million euros to set up the EMAG wholly owned enterprise in Jintan, and established machining and manufacturing plants to promote the development of the machine tools industry in China. Over two months ago, Changzhou economic and trade delegation went to Europe to promote economic and trade activities. During the trip, a special visit had been paid to the EMAG to facilitate the cooperation between the EMAG and Jinsheng Industry. At that time, the EMAG Group executives had made it clear that in the post-financial crisis era, the Group is optimistic about the prospects of China’s huge market, and hopes to find a strategic partner with good complementary strengths.

　　On the day, Pan Xueping, president of Jinsheng Industry Holding Co. Ltd., said in Berlin, Germany that, the current economic downturn brought by global economic inflation in fact has created new opportunities for the Chinese enterprises to adjust their development strategies. This acquisition has further provided a rare opportunity for Jinsheng to leap forth to a higher level. At a result, a huge platform has been built successfully for Jinsheng to realize its transformation and upgrading and a big step into the international market. The corporate sales revenue of last year was 3.3 billion yuan, which is expected to exceed 7 billion yuan this year.