Recently, Qingdao Double Star Co., Ltd. issued the “Report on the Transfer of Land Use Rights and Related Transactions between the Company and the Controlling Shareholdersâ€. According to this report, Qingdao Double Star Tire Industry Co., Ltd., a subsidiary of Qingdao Double Star Co., Ltd., has obtained partial land use rights in Dongjiakou Economic Zone. The right to use will be used for the construction of the Double Star “Environmental Relocation Transformation and Upgrading Projectâ€. In order to facilitate the planning and management of the project land, Qingdao Double Star Tire Industry Co., Ltd. intends to transfer part of the land use rights with its controlling shareholder, Double Star Group Co., Ltd. The transaction method is: the double-star group transfers its use rights of part of the land (about 166 mu) in the region to the double-star tire industry. This part of the plot is used for the construction of part of the single project of the 4.0 project and the supporting warehouse project for the passenger car. The Double Star Tire Industry transferred its use of part of the land (about 47 acres) in the region to the Double Star Group. According to reports, this related transaction does not constitute a major asset restructuring as stipulated in the Measures for the Administration of Major Asset Restructuring of Listed Companies, and does not constitute a backdoor. The proposal was passed by the Double Star Co., Ltd. at the second meeting of the 8th Board of Directors with the approval of the unanimous vote. Guangdong ChongWei Technology Ltd. , https://www.chongweitech.com