Huazhang Technology will acquire maintenance and upgrade services of paper making business; Intends to become a one-stop paper service provider

HONG KONG, CHINA - Media OutReach - 31 May 2017 - Huazhang Technology Holding Limited ("Huazhang" or the "Group", HKSE: 1673) is pleased to announce that, the Company will acquire the entire interests of Wuxi Refine Technology Co,. Ltd ("Wuxi Refine"), a maintenance and upgrade services provider in Wuxi City, Jiangshu Province. The Vendors are Independent Third Parties.

Wuxi Refine is mainly engaged in the business of maintenance and upgrade services. It has a professional maintenance service team and serves more than 20 large-scale paper making enterprises, their major services include on-field processing service, roll and paper machine update and improvement services and other real-time maintenance services. Huazhang intends to become a one-stop paper service provider through the potential acquisition.

Huazhang aims to establish an all-rounded services platform, and is actively enhancing its after-sales and maintenance services level. The Company announced to acquire logistics and warehousing business in Guangdong in this month, to complete the one-stop integrated service.

Mr. Zhu Gen Rong, Chairman of Huazhang, said, "Through the acquisition of Wuxi Refine, the Group's after-sales and maintenance services will be enhanced to the international level. With the intends to acquire logistics and warehousing business, the Group could establish a one-stop integrated service platform, to promote all-rounded services to papermaking enterprises."

About Huazhang Technology Holding Limited

The Group is principally engaged in research and development, manufacture and sale of industry automation systems, sludge treatment products and corresponding services. The Group's industrial automation systems and sludge treatment products are custom-built in accordance with the specifications and requirements provided by the Group's customers. The Group is also engaged in the provision of after-sales and other services Group's existing customers.