Guangzhao Industrial Forest Biotechnology Group Limited (Guangzhao) is a Singapore-based investment holding company. Guangzhao is engaged in the tissue culture and propagation of plantlets and saplings for its main product, the Guangzhao Fast-Growing Poplar. Its tissue cultured poplar is planted in over 18,600 hectares spread across eight provinces in China for eventual harvest and sale to the pulp or timber industries. The Company operates in four segments: seedlings, which is engaged in production and sale of self-cultivated tissue and propagated seedlings with options to repurchase grown saplings from customers; grown saplings, which is engaged in sale of grown saplings purchased through the exercise of options referred above or from self-cultivated saplings; timber, which is engaged in sale of cultivated timber, after about five years of growth, from the cultivation of grown saplings, and jatropha, which is engaged in sale of cultivated Jatropha seedlings.