National Development Fund Co., Ltd. entered into investment contracts with Qingdao DoubleStar Tire Industry Co., Ltd. and other enterprises to increase investment of RMB 83 Million Yuan in cash on Qingdao DoubleStar Tire Industry Co., Ltd. for “Double Star Environment-friendly Relocation Transformation & Upgrading Green Tire Industry 4.0 Demonstration Base High-performance Passenger Car Radial Tire Project” on December 22, 2015.

This investment would be conductive to lower the cost of partial construction funds for Double Star tire project, said Qingdao Double Star.

According to the content of the signed agreement, the term of investment of National Development Fund on Double Star Tire is 12 years from the payment date of the first investment. Within the investment period or after the expiry of the investment term, National Development Fund has the right to require Double Star Rubber & Plastic Machinery to accept the transfer of the above shares held by National Development Fund.

National Development Fund, a wholly-owned subsidiary of China Development Bank, mainly engages in investment of project capital, equity investment and funds of local investment and financing enterprise through the establishment of targeted construction fund.