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Honghua Group Signed Cooperation Agreement with the Largest European Leasing Company and the Largest Russian State-owned Military Enterprise

soruce:manager    click:5770    time:2013-03-25

(Hong Kong, 25 March 2013) – Honghua Group Ltd (“Honghua” or the “Group”) (Stock Code: 196.HK), a leading global land drilling rig manufacturer, is pleased to announce that the Group entered into a cooperation agreement with OJSC VTB Leasing (“VTB Leasing”) and Scientific and Production Corporation Uralvagonzavod (“OJSC SPC Uralvagonzavod”) on 22 March. Pursuant to the agreement, the three above mentioned parties will jointly produce 28 sets of heavy oil and natural gas drilling rigs in Russia in the period between 2013 2014 with a target production valued at approximately US$400 million.

According to the cooperation agreement, the drilling rigs will be produced by the joint venture company, Honghua CIS Co., Ltd (“Honghua CIS”) hold by three parties. Subsequently, the three parties will take part in financing as well as provide production equipment and skillful technicians with a series of measures to realize localized production in Russia and sales.

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Mr. Zhang Mi, the Chairman of Honghua Group commented, We are delighted to enter into this agreement with the largest European leasing company and the largest leading state-owned military enterprise in Russia. It is one of the 9 agreements signed by the China’s President Xi Jinping during his visit to Russia, demonstrating the high importance that Chinese and Russian government’s placed in the the joint development in drilling rig markets. Since September last year, Honghua, VTB Leasing and OJSC SPC Uralvagonzavod have established partnership on the basis of mutual beneficial relationship with the establishment of Honghua CIS. Along with the gradual realization of localized production in Russia, we believe Honghua’s competitive edges in Russian market will be more significant and further enlarge its market share. Looking forward, we will maintain our strategies of ‘localization’ and ‘forward-moving sales’ and provide shareholders with utmost rewards.”

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About Honghua Group Limited (Stock Code: 196.HK)

Honghua is one of the largest land drilling equipment manufacturers in the world, which is primarily engaged in manufacturing conventional land drilling rigs, digital drilling rigs, accessories of drilling rigs, as well as the parts and components which are for the drilling rigs or for the maintenance of the drilling rigs in operation. Leveraging on the strong R&D strength, high-quality production facilities and mature international sales network, the Group’s products have been sold to a large number of famous enterprise all over the world, including major oil-production regions such as North America, Middle East, and emerging markets including South America, India, Russia, China, Africa and etc. In 2012, the first phase (stage 1) of the construction of the base located in Qidong County, Jiangsu Province has been completed and the base has the manufacturing capabilities to receive offshore drilling platform orders. Based on the existing solid foundation of the drilling rigs equipment, Honghua will implement diverse development strategies, and expand to become the integrated enterprise which is involved in the interaction development of three major sectors, including onshore and offshore areas, equipment manufacturing and oil and gas resources development (especially the unconventional oil and gas area), as well as the engineering services.

About VTB Leasing Company

VTB Leasing is the wholly-owned subsidiary of VTB Bank. It is the largest leasing company in Russia and Europe. In 2008, VTB Leasing purchased 30 sets of drilling rigs from Honghua and established a mutual beneficial relationship.

About Scientific and Production Corporation Uralvagonzavod

OJSC SPC Uralvagonzavod is one of the largest leading state-owned military enterprises in Russia. It is principally engaged in the development and production of military equipment, road construction machinery and railway. In additions, the company produces light drilling rigs.

About Honghua CIS Co., Ltd

On 15 September 2012, Honghua Russia, Ltd., the subsidiary of Honghua, VTB Leasing and OJSC SPC Uralvagonzavod jointly established Honghua CIS, aiming to assemble Honghua drilling rigs in Russia and gradually realize its localized manufacturing.

For further information, please contact:

Honghua Group Limited

Ms. Xiaoqi JI

Tel: (86 28) 8601 5242

Fax: (86 28) 8601 3847

Email: jixq@hhcp.com.cn / ir@hhcp.com.cn

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