Guangxi Liugong Machinery Co., Ltd (LiuGong) announced a 546M RMB (85.24M USD) acquisition of 51% shares in Shanghai Jintai Engineering Machinery Co., Ltd. (Jintai) which was formerly held by Guangxi Liugong Group Corp. The deal can be traced back to the May of 2011 when LiuGong Group, parent company of LiuGong, signed a strategic cooperation agreement with Shanghai Mechanical and Electrical Industry Co., Ltd and Shanghai Electric International Economic & Trading Co., Ltd, the 2 subsidiaries of Shanghai Electric (Group) Corp., and bought in a 51% share of Shanghai Jintai Engineering Machinery Co., Ltd.