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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 22 - SUBSEQUENT EVENTS

  

During the subsequent period, the Company obtained short term loans in the total amount of approximately $98.0 million from China Construction Bank, Agricultural Bank of China, China Zheshang Bank and Industrial Bank. Interest rates for those loans ranged from 3.53% to 5.35% per annum. The maturity dates of the loans existing as of the filing date ranged from January 2, 2019 to January 30, 2020. The Company continuously pledged bank acceptance notes to obtain loans from China Zheshang Bank and Bank of Ningbo.

 

In the same period, the Company repaid loan principals and interest expenses in the total amount of approximately $109.6 million to China Citic bank, China Construction Bank, China Zheshang Bank, and Agricultural Bank of China.

 

On February 12, 2019 the Company entered into a guarantee agreement with China Guangfa Bank, pursuant which the Company agreed to provide a maximum guarantee in the amount of RMB 71,000,000 (approximately $10,345,029) for Ruili Group from February 12, 2019 to January 16, 2020.

 

During the subsequent period, the Company continued to advance to Ruili Group. See Note 4 for detail arrangement between the Company and Ruili Group.