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On 12 September 2014, Puyang Refractories Group Co., Ltd. ("Puyang Refractories") received the unconditional approval of the Review Board for Mergers, Acquisitions, and Restructurings of Listed Companies of the China Securities Regulatory Commission in respect of its asset purchase via share offering and cash payment, and raising of matching funds.

The Guantao team, led by partner Haojingmei and supported by associates Mo Biao and Han Xu, provided legal support to Puyang Refractories throughout the application and approval process.

The approved transaction will be carried out in the following manner: (1) Puyang Refractories will first acquire 100% equities of two target companies by way of share offering and cash payment, after which they will become Puyang Refractories' wholly-owned subsidiaries; and (2) Puyang Refractories will then issue shares to the actual controllers to raise matching funds in the amount of RMB 1.38 billion.

This transaction will help to restructure Puyang Refractories' supply chain, apart from enhancing the quality of its shares and assets, improving the company's financial situation, and boosting its ability to build a profitable and sustainable business.