Chiho-Tiande has been Granted Accumulated Credit Facility of US$108 Million by China Development Bank

Facilitate Business Development and Consolidate Competitive Advantage

HONG KONG, Dec. 17, 2012 /PRNewswire/ -- Chiho-Tiande GroupLimited ("Chiho-Tiande" or the "Company", together with its subsidiaries, the "Group", stock code: 976), the largest importer of mixed metal scrap in the PRC, announced that the Group has been granted one-year-term credit facility of US$45 million and US$38 million by China Development Bank Zhejiang branch ("CDB") in December 2012. At present, the accumulated credit facility granted by CDB has reached US$108 million.

The Group has been granted facility of US$70 million in September 2011 by CDB for the purpose of daily operations, such as business expansion and procurement of raw materials, while among which, the Group has already repaid US$40 million in September this year. In view of the stable development of the Group's business, CDB has shown its full support of the Group's future business development by providing the Group with additional credit facility.

Mr. Fang Ankong, Executive Chairman and Chief Executive Officer of Chiho-Tiande, said, "We are pleased to regain financial support from the China Development Bank after 2011, which demonstrates the public's acknowledgement of the Company's leadership, the government's high importance attached to the metal recycling industry as well as its recognition and belief in the Group's prospect. With further extension of the Group's business, we will continue to improve the Company's processing capability and focus on increasing procurement volume in the future, taking advantage of such strong financial assistance. We are confident that the Group will embrace more development opportunities, maintaining our competitive edge in the industry."

About Chiho-Tiande GroupLimited

Listed on the Main Board of The Stock Exchange of Hong Kong Limited on 12 July 2010, Chiho-Tiande is a mixed metal scrap recycler in China and the largest importer of mixed metal scrap in China in terms of total import volume and actual import volume. Its business operations are broadly classified into three categories: metal recycling business, foundry business and wholesale business. The Group specializes in the recycling and processing of imported mixed metal scrap. Chiho-Tiande possesses a well-established procurement network for mixed metal scrap, and operating through its four sizable processing facilities locating in Taizhou, Ningbo, Yantai and Hong Kong, with an annual total processing capacity of over 800,000 tons of mixed metals.

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