September 2014,Haimo received approval from China Securities Regulatory Commission (CSRC) for its application of acquiring 100% share of Shanghai Qinghe Machinery Co. Ltd, a reputed manufacturer of fracturing equipment. Pending for completion of transaction, this new acquisition will help Haimo enhance its current capabilities and develop its potential to cater to the growing market, both domestic as well as overseas, in the unconventional Oil & Gas sector.
Shanghai Qinghe is the second fracturing equipment manufacturer acquired by Haimo after the last acquisition in 2012 of Lanzhou Chenglin Drilling Equipment LLC.
