Recently, Sinotruk Limited announced that it and MAN SE (“MAN”), a German industrial group with advanced technology in heavy duty trucks, have completed a transaction on their strategic partnership agreement signed on 15 July, he won from the mainland authorities approval and through the regulatory process. The strategic partnership agreements between Sinotruk and MAN cover a convertible note subscription, licensing technology, share purchase and implementation of a joint project. Under the terms of the agreement, MAN will grant Sinotruk and its affiliated companies the exclusive right to use its technology in mainland China to produce heavy duty trucks and their engines that comply with the advanced European emission standards. MAN will also cooperate with Sinotruk in the production and sale of a type of technologically advanced heavy duty truck that adopts MAN’s licensed technology. In addition, if China National Heavy Duty Truck Group Company Limited (“CNHTC”) maintains its 51% controlling equity stake in Sinotruk, MAN will subscribe to the convertible notes which can be converted into new shares of the Company. Moreover, MAN will also purchase existing shares of Sinotruk. Upon completion of the share purchase agreement and the full conversion of the convertible notes, MAN will own a 25% equity stake plus one share in Sinotruk. The German industrial group will spend a total of €560 million for the Sinotruk shares. After the agreements for the share transactions are completed, Sinotruk and MAN will cooperate on the production and sale of technologically-upgraded truck and engines that comply with Euro III, IV and V emission standards. The two companies will also work together on quality control and after-sale services.  Mr. Ma Chunji, Chairman of Sinotruk, commented, “We are very pleased that we and Man are approved by our strategic partnership with the Chinese mainland authorities and are able to complete the transaction in our agreement. Which marked the beginning of a reality of our strategic partnership.We will speed up the combination of technology and cost advantages, as well as our cooperation in the establishment of distribution networks and global sourcing. Our joint efforts will help us to expand market share, enhance profitability, and strengthen our strategic position in the market.” Håkan Samuelsson, CEO of MAN SE said,” China is an important market with great potential. We are very pleased to enter this important partnership with the national China heavy truck."