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China Holdings To Buy Precision Machinery Firm

Bright World Precision Machinery Limited, a Chinese manufacturer of metal stamping machines, will be acquired by Chinese Holdings for approximately $263 million.

NEW YORK and DANYANG CITY -- China Holdings Acquisition Corp. announced today that it will make an offer to acquire Bright World Precision Machinery Limited.

Bright World, together with its subsidiaries, is an established Chinese manufacturer of conventional and high-performance metal stamping machines that serves industrial companies in rapidly growing manufacturing sectors -- automotive, home electrical appliances and computer and telecommunications -- that cater to China's expanding consumer middle class.

The transaction, which has been unanimously approved by China Holdings’ board of directors is expected to be completed in the fourth quarter 2008 and values Bright World at a minimum of approximately US$263 million.