Qingdao Double Star Shoes Assets Pfer Price 128 Million 440 Thousand Yuan

On the 3 day, Qingdao double star announced that the pfer items of the shoemaking business of the company have fulfilled the procedures of "recruiting, photographing and hanging".

According to the record of the Qingdao municipal government's SASAC on the pfer of the company's shoe-making business assets, the pfer price of Qingdao double star footwear business assets is 128 million 440 thousand and 800 yuan (assets valuation value 132 million 873 thousand and 400 yuan, deducting the value of allotted land 4 million 432 thousand and 600 yuan).

The time of payment of the asset pfer price is postponed as follows: the Qingdao Twin Star Industrial Limited by Share Ltd pays 30% of the total amount within 5 working days after the relevant agreement comes into effect; the balance is paid in full before December 31, 2008.

At the same time, after preliminary calculation by the financial department of the company, it is estimated that the net profit of Qingdao double star in 2007 will increase by 100% to 150% over the same period last year, 1-12 months.