China Holdings Acquisition (HOL) 8-K China Holdings Acquisition Corp. to Acquire

China Holdings Acquisition Corp.

Bright World Precision Machinery Investor Presentation

July 2008

Exhibit 99.2

2

Disclaimer

Additional Information About the Transaction and Where to Find It

In connection with the proposed acquisition, China Holdings Acquisition Corp. (“CHAC”) intends to prepare a registration

statement containing a proxy statement/prospectus to be filed with the U.S. Securities and Exchange Commission (“SEC”).

When completed, a definitive proxy statement/prospectus and a form of proxy will be mailed to the stockholders of CHAC,

seeking

their

approval

of

the

transaction.

Stockholders

are

urged

to

read

the

proxy

statement/prospectus

regarding

the

proposed acquisition carefully and in its entirety because it will contain important information about the proposed

acquisition.

Stockholders will be able to obtain, without charge, a copy of the proxy statement/prospectus (when available)

and

other

relevant

documents

filed

with

the

SEC

from

the

SEC’s

website

at

http://www.sec.gov.

Stockholders

will

also

be

able to obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents (when available) by

directing a request by mail to Mark L. Wilson at China Holdings Acquisition Corp., 5th Floor, 33 Riverside Avenue, Westport,

CT 06880 or by telephone at (203) 226-6288.

CHAC and its directors and officers may be deemed to be participants in the solicitation of proxies from CHAC’s stockholders

with

respect

to

the

proposed

acquisition.

Information

about

CHAC’s

directors

and

executive

officers

and

their

ownership of CHAC’s common stock and warrants is set forth in CHAC’s annual report on Form 10-K for the fiscal

year ended December 31, 2007.

Stockholders may obtain additional information regarding the interests of CHAC and its

directors and executive officers in the proposed acquisition, which may be different than those of CHAC’s stockholders

generally, by reading the proxy statement/prospectus and other relevant documents regarding the proposed acquisition when

filed with the SEC.

3

Disclaimer

Forward-looking Statements

This

presentation

includes

“forward-looking

statements”

within

the

meaning

of

the

safe

harbor

provisions

of

the

United

States

Private

Securities

Litigation

Reform

Act

of

1995.

Words

such

as

“expect,”

“estimate,”

“project,”

“budget,”

“forecast,”

“anticipate,”

“intend,”

“plan,”

“may,”

“will,”

“could,”

“should,”

“believes,”

“predicts,”

“potential,”

“continue,”

and similar expressions are intended to identify such forward-

looking statements. Forward-looking statements in this presentation include matters that involve known and unknown risks, uncertainties

and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results

expressed or implied by this presentation. Such risk factors include, among others: future operating or financial results; future growth

expectations

and

acquisitions;

uncertainties

as

to

the

timing

of

the

acquisition;

approval

of

the

transaction

by

CHAC

stockholders;

the

satisfaction of closing conditions to the transaction; costs related to the acquisition; the performance of Bright World Precision Machinery

Limited; the impact of inflation generally as well as on the rising costs of materials; specific economic conditions in China generally or in

the markets in which Bright World Precision Machinery Limited operates; changes in laws and regulations; potential liability from future

litigation; the diversion of management time on acquisition and integration related issues; modifications or adjustments to the financial

statements of Bright World Precision Machinery Limited as a result of applicable securities laws; and general economic conditions such

as

inflation

or

recession.

Certain

of

these

and

other

applicable

risks,

cautionary

statements

and

factors

that

could

cause

actual

results

to

differ from CHAC’s forward-looking statements are included in CHAC’s filings with the SEC, specifically as described in CHAC’s annual

report on Form 10-K for the fiscal year ended December 31, 2007. Actual results may differ materially from those contained in the

forward-looking statements in this communication. CHAC undertakes no obligation and does not intend to update these forward-looking

statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are

qualified in their entirety by this cautionary statement.

Notice to Bright World Precision Machinery Limited Shareholders

While the tender offer is being made to all holders of Bright World Precision Machinery Limited (“Bright World”) shares, this document

does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities of

Bright World or an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities of CHAC

in any jurisdiction in which the making of the tender offer or the acceptance of any tender of shares therein would not be made in

compliance with the laws of such jurisdiction.

4

Non –

GAAP Financial Information

The

directors

of

CHAC

(including

any

who

may

have

delegated

detailed

supervision

of

this

presentation)

have

taken

all

reasonable

care

to ensure that the facts stated and all opinions expressed in this presentation are fair and accurate and that no materials facts have been

omitted from this presentation, and they jointly and severally accept responsibility accordingly.  Where any information has been

extracted or reproduced from published or otherwise publicly available sources (including, without limitation, in relation to Bright World)

or

obtained

from

World

Sharehold

Limited

(“World

Share”),

the

sole

responsibility

of

the

directors

of

CHAC

has

been

to

ensure

through

reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in

this presentation.

The

foregoing

statement

is

made

by

the

directors

of

CHAC

strictly

for

purposes

of

complying

with

the

Singapore

Code

on

Takeovers

and Mergers and is subject to all qualifications set forth herein. Further, additional information will be provided in a registration statement

containing

a

proxy

statement/prospectus

to

be

filed

by

CHAC

with

the

SEC,

and

the

information

contained

in

this

press

release

will

be

qualified by the information set forth therein.

CHAC will make a tender offer on the terms set forth below in accordance with the Singapore Code on Takeovers and Mergers.  The

Singapore Industry Council (“SIC”) has confirmed that the arrangements relating to the issuance of the CHAC shares to World Share

and

the

contingent

payment

for

the

foreign

exchange

impact

on

the

funds

in

CHAC’s

trust

account

are

not

special

deals

under

Rule

10

of

the Singapore Code on Takeovers and Mergers.  This SIC confirmation, however, is conditioned on a determination by Bright World’s

independent

financial

advisor

(“IFA”)

that

such

arrangements

are

in

its

opinion

fair

and

reasonable.

The

IFA’s

determination

has

not

been obtained as of the date of the investor presentation.

NON-GAAP FINANCIALS:

The financial information and data contained in this presentation is unaudited and does not conform to the SEC’s Regulation S-X.

Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, CHAC’s proxy

statement to solicit stockholder approval for the proposed acquisition of Bright World.

This presentation includes certain estimated financial information and forecasts presented as pro forma financial measures that are not

derived in accordance with generally accepted accounting principles (“GAAP”), and which may be deemed to be non-GAAP financial

measures within the meaning of Regulation G promulgated by the SEC. CHAC believes that the presentation of these non-GAAP

financial

measures

serve

to

enhance

the

understanding

of

the

financial

performance

of

Bright

World

and

the

proposed

acquisition.

However, these non-GAAP financial measures should be considered in addition to and not as substitutes for, or superior to financial

measures of financial performance prepared in accordance with GAAP. Our pro forma financial measures may not be comparable to

similarly titled pro forma measures reported by other companies.

5

Participants

CEO -

China Holdings Acquisition Corp.

Chief Financial Officer (Designee) -

China Holdings

Acquisition Corp.

Paul K. Kelly

Mark L. Wilson

6

Transaction Overview

Transaction

Consideration

Time Table

CHAC issues 19.9 million new shares to World Share in exchange for all Bright World shares

Bright World, a Singapore Stock Exchange-listed company (symbol: B49), is approximately

77.42% owned by World Sharehold

Limited (a BVI corporation) (“World Share”) and its majority

shareholder Mr. Wang Wei Yao. 

–

The remaining 22.58% of Bright World’s shares are owned by public and other 

shareholders

World

Share

is

also

eligible

to

receive

Additional

Shares

of

two

types

based

on

the

future

performance of Bright World

–

The first type is based upon Bright World’s Realized Profit and is limited to a maximum

award of 3,765,000 CHAC shares

–

In addition, World Share will be eligible to receive up to an additional 1,000,000 shares per

1% increase in FY 2008 net earnings (in RMB) above 20%, versus base earnings of

RMB144,863,000, up to a maximum of 12,000,000 Additional Shares of CHAC, if FY 2008

net earnings exceed base earnings by 32%

In any case, however, the total number of initial shares, plus Additional Shares, to be awarded

to World Share shall not exceed a combined maximum total of 35,665,000 CHAC shares

In addition, CHAC is offering S$0.70 / share cash, S$0.75 / share if 90% or more of Bright

World’s shares are purchased, to the minority shareholders

World Share may also receive a contingent payment as compensation for the exchange rate

impact on CHAC’s trust account if the U.S. dollar weakens against the RMB between signing

and closing of the transaction.  Conversely, CHAC may receive a contingent payment if the

RMB weakens against the U.S. dollar

As part of the transaction, CHAC would re-domesticate into a newly formed BVI company

(“Newco”), and would seek a listing on the New York Stock Exchange

Anticipated transaction value in the $200 million to $404 million range, assuming an exchange

rate of 0.73524 Singapore dollar to one U.S. Dollar

No major P.R.C. regulatory approvals required

Singapore

tender

offer

(4

th

Quarter,

Indicative)

S.E.C.

clearance

of

proxy

(4

th

Quarter)

Accounting

conforms

to

IFRS

(3

rd

Quarter)

CHAC is proposing a tender offer for all the shares of Bright World Precision Machinery Limited

U.S. shareholder

vote

(4

th

Quarter)

Independent Financial Advisor Opinion

(3

rd

Quarter)

7

China Holdings Investment Criteria

Superior growth prospects that are directly correlated to the vibrant growth of China’s

industrial output

Successfully refocused sales mix from conventional stamping machines to higher priced

and more profitable precision high performance machines

Pro forma for the acquisition, CHAC will have capital to pursue both vertical and horizontal

M&A opportunities

As

part

of

the

transaction,

CHAC

has

a

Right

Of

First

Refusal

to

acquire

four

companies

also controlled by Mr. Wang in the following industries: agricultural machinery, automotive

parts and components, lawn equipment and construction equipment

Bright

World

has

generated

strong

revenue

and

profit

growth

over

the

last

four

years

–

Revenue CAGR 2004 –

2007 = 33.5%

(1)

; LTM 34.5%

(2)

; 46.9%

(3)

1Q08 vs 1Q07

–

Net profit CAGR 2004 –

2007 = 28.3%

(1)

; LTM 33.9%

(2)

; 57.9%

(3)

1Q08 vs 1Q07

CHAC Objective

Bright World Investment Highlights

Platform for Growth

Attractive Industry

Profile

Demonstrated Track

Record

Bright

World’s

customer

base

is

a

major

supplier

of

manufacturing

products

to

the

burgeoning Chinese middle class

Precision high performance stamping machine production in China has higher

technical and capital barriers to entry and attractive fundamentals, as opposed to

conventional

stamping

machines,

which

is

a

highly

fragmented

and

cost

competitive

business

Note: Denotes foreign exchange rates used:

(1) 2004: 8.2768 RMB = US $1.00 , 2007: 7.6058 RMB = US $1.00,

(2) LTM 2007: 7.9003 RMB = US $1.00; LTM 2008: 7.4595 RMB = US $1.00

(3) 1Q 2007: 7.7582 = US $1.00, 1Q 2008: 7.1590 RMB = US $1.00

8

China Holdings Investment Criteria (cont’d)

Experienced management team, led by serial entrepreneur with 25 years of business

expertise and a CEO with more than 35 years of direct industry acumen

CHAC Objective

Bright World Investment Highlights

Experienced

Management Team

Attractive Valuation

(1)

CHAC’s acquisition of Bright World is attractive on a fully diluted basis

–

Transaction

cost

implied

multiple

–

14.6x

2008

earnings

–

Pro

forma

implied

purchase

multiple

–

18.2x

2008

earnings

(1) Under

the

Deed

of

Undertaking

entered

into

between

China

Holdings

Acquisition

Corp.

(“CHAC”)

and

World

Sharehold

Limited

and

its

shareholders,

World

Sharehold

Limited

is entitled to receive additional CHAC shares (up to 15,765,000 shares) in the event that Bright World Precision Machinery Limited (“Bright World”) achieves growth in net profit after tax

and minority interests (“Net Profit”) for FY 2008 of between 20% and 32% over a base Net Profit of RMB 144,863,000.

The reference to Bright World’s year 2008 earnings and valuation multiples in this presentation is included purely for illustration purpose only and assumes that Bright World achieves

annual Net Profit growth of 32% local currency (9% foreign currency effect) in FY2008, consistent with the range of Net Profit growth targets set for FY2008 as prescribed in the Deed of

Undertaking.  CHAC is not and does not purport to be providing any financial forecast or estimate for Bright World.  The reference to Bright World’s year 2008 earnings and valuation

multiples in this presentation does not represent, and should not be taken, construed or be relied on as, a forecast estimate, warranty, guarantee or representation by CHAC as to the

future

profitability

or

financial

performance

of

Bright

World

in

respect

of

FY2008

.

There

is

no

assurance

whatsoever

as

to

Bright

World’s

future

financial

performance

and

accordingly, nothing

in

this

presentation

should

be

construed

as

providing

any

such

assurance.

Anticipated Board of

Directors

–

Wang Wei Yao, Non-Exec. Chairman

–

Shao Jian Jun, President & CEO

–

Paul K. Kelly, Vice Chairman

–

Xiao Feng, Director

–

Cheng Yan Davis, Director

9

Successfully Refocused Product Mix

Stamping machines, which can stamp, punch, stretch, bend and fold metals and

other materials, are basic to the production of industrial and other consumer durable

goods

Since 2005, Bright World has successfully refocused its product portfolio towards

high performance stamping machine business

Why is this relevant? High performance stamping machines provide:

–

Higher price points

–

Higher margins

–

Superior growth prospects vs. conventional stamping machines

High performance machine segment contains significant barriers to entry

–

Higher levels of engineering technology

–

Substantial capital investment in high performance machinery

–

High quality brand and manufacturing reputation

10

$9.0

$11.8

$14.5

$19.0

$2.9

$4.5

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

2004

2005

2006

2007

Q1 07

Q1 08

$10.7

$13.0

$18.4

$24.1

$3.9

$6.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

2004

2005

2006

2007

Q1 07

Q1 08

$31.3

$39.2

$56.4

$74.5

$13.5

$19.8

$0.0

$25.0

$50.0

$75.0

$100.0

2004

2005

2006

2007

Q1 07

Q1 08

Strong Consistent Growth

EBITDA

(2)

Net Sales

(1)(2)

(USD in millions)

Source: Company filings.

(1) 4Q07’s revenues were negatively impacted by a reported interruption associated with shifting existing production lines to Bright World’s new facilities. 

(2) Foreign exchange rates used -

2004: 8.2768RMB = US $1.00, 2005: 8.1936RMB = US $1.00, 2006: 7.9723RMB = US $1.00, 2007: 7.6058RMB = US $1.00,

1Q 2007: 7.7582 RMB = US $1.00, 1Q 2008: 7.1590RMB = US $1.00

Net Profit

(2)

11

Significant Growth Potential

Organic Growth

Export Sales

Consolidation of

Domestic Players

Vertical

Integration

Horizontal

Integration

ROFR on other

Mr. Wang

Companies

12

Implied Valuation

(1) Base case assumes 77% of Bright World’s economic ownership is purchased in the transaction.

(2) Assumes warrants calculated using Treasury Stock Method at $10.00 / share, with 15.6 million warrants outstanding.

(3)

Note:

Under

the

Deed

of

Undertaking

entered

into

between

China

Holdings

Acquisition

Corp.

(“CHAC”)

and

World

Sharehold

Limited

and

its

shareholders,

World

Sharehold

Limited

is

entitled

to

receive

additional

CHAC

shares

(up

to

15,765,000

shares)

in

the

event

that

Bright

World

Precision

Machinery

Limited

(“Bright

World”)

achieves

growth

in

net

profit

after

tax

and

minority

interests

(“Net

Profit”)

for

FY

2008

of

between 20% and 32% over a base Net Profit of RMB 144,863,000.

The reference to Bright World’s year 2008 earnings and valuation multiples in this presentation is included purely for illustration purpose only and assumes that Bright World achieves annual Net Profit growth of

32% local

currency

(9%

foreign

currency

effect)

in

FY2008

,

consistent

with

the

range

of

Net

Profit

growth

targets

set

for

FY2008

as

prescribed

in

the

Deed

of

Undertaking.

CHAC

is

not

and

does

not

purport

to

be

providing

any

financial

forecast

or

estimate

for

Bright

World.

The

reference

to

Bright

World’s

year

2008

earnings

and

valuation

multiples

in

this

presentation

does

not

represent,

and

should

not

be

taken,

construed

or

be

relied

on

as,

a

forecast

estimate,

warranty,

guarantee

or

representation

by

CHAC

as

to

the

future

profitability

or

financial

performance

of

Bright

World

in

respect

of

FY2008.

There

is

no

assurance

whatsoever

as to Bright World’s future financial performance and accordingly, nothing in this presentation should be construed as providing any such assurance.

(4) Assumes

no

redemptions

of

CHAC

common

stock

which

may

aggregate

a

total

of

4,266,239

shares

with

an

estimated

value

of

$41.8

million

Note: Figures used are subject to rounding.

Transaction Cost and Implied Multiple

Pro Forma Implied Purchase Multiple

Unlevered balance sheet

provides significant

capacity for acquisitions

Base Case

(1)

Max Case

Number of CHAC Shares Issued

19.9

35.7

CHAC Share Price (estimated redemption value)

$9.79

$9.79

Total CHAC Stock Issued

$195.1

$349.2

Cost of Bright World Minority Investors

--

49.8

Pro Forma Net Debt Assumed

5.0

5.0

Total Cost

$200.1

$404.0

2008E P/E Multiple

(3)

14.6x

2008E P/E/G

(3)

0.33

Growth Rate

(3)

44.5%

Pro Forma Implied Purchase Multiple

Fully diluted CHAC shares outstanding

(2)

39.8

55.6

CHAC Share Price (estimated redemption value)

$9.79

$9.79

Fully diluted equity value

$389.5

$543.9

Pro Forma Net Debt (cash)

(4)

(114.0)

(64.0)

Firm Value / Adjusted Equity Value

$275.5

$479.9

2008E Pro Forma Fully Diluted Trailing P/E Multiple

(3)

18.2x

2008E Pro Forma Net Income

(3)

$30.0

2008E Pro Forma Trailing P/E/G

(3)

0.41x

13

Transaction Structure

Uses

(4)

Pro Forma Closing Common Ownership

(2)(4)

Sources

(4)

(1) Assumes estimated redemption price of $9.79 per share for CHAC common stock.

(2) Bright World Shareholders excludes the public float shares which are assumed to be acquired via the tender offer. 

(3) The majority 77.42% ownership of Bright World is owned by World Share which, in turn, is owned 82% by Wang Wei Yao and 18% by other insiders.

(4)

Assumes no redemptions of CHAC common stock which may aggregate a total of 4,266,239 shares with an estimated value of $41.8 million.

(5) Assumes warrants calculated using Treasury Stock Method at $10.00 / share with 15.6 mm warrants outstanding.

(6)

Assumes that the exchange rate between the RMB and US dollar does not change between signing and closing of the transaction

Note: Figures used are subject to rounding.

Base Case

Max Case

Issuance of new CHAC shares

(1)

$195.1

$349.2

Use of cash and trust fund

(4)

3.0

52.8

Pro Forma Net Bright World debt assumed

5.0

5.0

Total sources used in transaction

$203.1

$407.0

Pro

Forma

Net

Cash

available

for

organic

growth

and

M&A

(4)

$114.0

$64.0

Base Case

Max Case

Purchase

of

BW

shares

from

majority

S/H

(1)

$195.1

$349.2

Purchase of BW shares from Public

--

49.8

Pro Forma Net Bright World debt assumed

5.0

5.0

Exchange

rate

impact

on

cash

in

trust

(6)

--

--

Fees and expenses (est.)

3.0

3.0

Redemption

of

CHAC

shares

(4)

--

--

Total use of capital for transaction

$203.1

$407.0

Base Case

Max Case

(share in millions)

Shares

% Ownership

Shares

% Ownership

Shares

Issued

to

Bright

World

S/H

(3)

19.9

50.0%

19.9

35.8%

Additional Consideration

--

--

15.8

28.4

Total Bright World S/H Ownership

(3)

19.9

50.0%

35.7

64.2%

Existing Founders' Shares

3.2

8.0%

3.2

5.8%

CHAC Public Shares

(4)

12.8

32.2

12.8

23.0

Warrants

(5)

3.9

9.8

3.9

7.0

Total CHAC Ownership

19.9

50.0%

19.9

35.8%

Total Shares Issued Post-Transaction

39.8

100.0%

55.6

100.0%

Industry Overview

15

Annual Growth

--

6.2%

10.6%

10.5%

9.7%

12.9%

17.7%

15.0%

14.7%

17.0%

89,677

99,215

109,655

120,333

135,823

159,878

183,868

210,871

246,619

84,402

0

50,000

100,000

150,000

200,000

250,000

300,000

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Attractive Long-Term Macro Growth Dynamics

China

GDP

Growth

(1)

China

Industrial

Output

(1)

Note: Gross Industrial Output Value and Gross Domestic product in 100 mm Yuan.

(1) Source: National Bureau of Statistics of China.

Annual Growth

--

7.3%

17.8%

11.4%

16.1%

28.4%

41.8%

24.7%

25.8%

67,737

72,707

85,674

95,449

110,776

142,271

201,722

251,620

316,589

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

1998

1999

2000

2001

2002

2003

2004

2005

2006

16

Chinese Metal Stamping Industry

The PRC has become the world's factory and production base for all forms of

manufacturing, primarily due to its low operating cost advantage

Stamping machines constitute a basic step in the production of industrial and consumer

durable products, such as automotive bodies

Stamping machines can stamp, punch, stretch, bend and fold metals and other

materials used in the production process

The stamping industry primarily consists of two sub-sectors: conventional and high-

performance (including high tonnage machines)

The stamping industry forms the backbone of many upscale manufacturing sectors,

including automotive, computer & telecom and home electronic appliance

The

Chinese

government

continues

to

encourage

local

companies

to

upgrade

manufacturing capabilities

17

Compelling Industry Dynamics

The

conventional

stamping

machines

business

in

China

is

highly

fragmented with an estimated hundreds of producers in this category.

Highly Fragmented

High Barriers to Entry

Attractive Competitive

Dynamics

Growth Profile

Metal Forming Machinery Industry

The

high

performance

stamping

machines

business

consists

of

fewer

manufacturers, due to the technical capabilities and capital required for

entry.  Accordingly, price competition is less intense, and profitability

greater, than for conventional machines

The

high-tonnage

stamping

machines

sub-sector

of

the

high

performance business has the least number of competing

manufacturers, due to both higher costs of entry and the relatively recent

ascendancy of upscale manufacturing industries in China employing

such technology, such as the automotive industry

A proxy for the industrialization of China

End user industry agnostic (i.e., any manufacturer that creates metal or

composite parts)

Both domestic and export opportunities

18

Impact of Raw Materials Costs

During

the

last

several

years,

the

world

price

of

iron

and

steel

products

has

increased

significantly,

due

to a combination of increased demand and resultant sharp hikes in iron ore prices by leading world iron

ore producing companies

Prior to 2008, Chinese steel producers and manufacturers of steel-related products, such as Bright

World, absorbed much of the resultant price increases

In 2H07, open market spot steel prices rose sharply on indications that another major increase in iron

ore prices was expected in 2008

Effective January 1, 2008, Baosteel, China’s largest steel producer, announced an 8% increase in

contract

prices

for

1Q08

delivery,

and

on

February

25,

announced

a

further

20%

price

increase

for

2Q08 delivery

During 4Q 2007 and 1Q 2008, Bright World implemented price increases on selected product lines

The future trajectory of iron and steel raw materials prices is a continuing challenge for the Company

The Company employs its engineering expertise and the introduction of new machine designs to

partially offset rising raw materials costs

Company and Financial Overview

20

Competitive Strengths

Consistent track record of strong year-over-year growth and profitability

Enhanced focus on the successful ongoing transition toward the high performance

sector

Well recognized AOTU brands and World trademarks

Introduction of new, high-tonnage stamping machines capability makes Bright World

a totally integrated producer of power press machines, with product lines in all major

segments

Continuous focus on R&D to sustain competitive edge

–

Long-term track record on innovation of sophisticated products with increased

tonnage and efficiency

Experienced management team, led by serial entrepreneur with 25 years of business

experience and a CEO with more than 35 years of direct industry acumen

Established in-house marketing and sales force, plus more than 300 distributors,

spanning coastal and central China

21

Market Presence

Chongqing &

Sichuan

Hunan & Hubei

Anhui

Jiangxi

Pearl River

Delta

including

Fujian and

Guangdong

Bohai Bay Area

including Shandong,

Jingjintang and

Dongbei

Yangtze River

Delta

including

Zhejiang,

Jiangsu,

Shanghai

Established Markets

> 300

distributors

throughout

the PRC

> 90%

of

revenue from

established

markets

Established a strong

market presence in

the Pearl River Delta

and Yangtze River

Delta. Currently,

developing the

market in the Bohai

Bay Area

Developing

Markets

Bright

World’s

proximity

to

numerous

manufacturing

facilities

should

increase

its

ability to expand its customer base

Source: Bright World 3Q FY07 results briefing.

22

Vertically Integrated Manufacturing

Vertically Integrated Manufacturing

4. Hot

Treatment

5. Processing of

Stamping

Machine

Components

6. Quality

Inspection of

Components

3. Welding

2. Casting

1. Smelting

Delivery of

Resin-casted

Components

7. Electronics

Wiring

8. Assembly, Quality

Inspection and Delivery of

Stamping Machines

23

Customers by Sectors

Source: Bright World 1Q07 results briefing.

Other (e.g. Electrical

Fittings) & Hardware

30%

Home Electrical

Appliances

20%

Automobiles

30%

Computer & Telecomms

20%

Balanced Mix of Customers

24

Balance Sheet Highlights

Net cash position and

unlevered balance sheet

provides adequate capital

for acquisitions

Note:  CHAC PF combined assumes Max case.

Note:

Figures used are subject to rounding.

(1) Foreign exchange rate used: 7.0124RMB = US $1.00

(2) Assumes no redemptions of CHAC common stock which may aggregate a total of   

(2)

4,266,239 shares with an estimated value of $41.8 million

Bright

CHAC

World

Pro Forma

(USD in millions)

Q1 2008

(1)

Combined

Cash & cash equivalents

(2)

$8

$77

Inventories

27

27

Receivables

43

43

Current assets

78

147

Property, plant & equipment

48

48

Total assets

Payables and accruals

$27

$27

Short term debt

13

13

Current liabilities

40

40

Minority Interest

0

0

Shareholder's Equity

(2)

86

155

Total Liabilities & Shareholder's Equity

$126

$195

$126

$195

25

Experienced Management Team

Wang Wei Yao, Non-Executive Chairman

–

Mr.

Wang

has

received

a

number

of

awards

for

his

entrepreneurial activities

in

China.

He

has

served

as

Chairman

of

a

number of companies which he has founded or acquired and restructured.  As Chairman and a major shareholder of such

companies, he has been responsible for determining the overall strategic development of each company, as well as

assessing and implementing the major policies of each company.

–

Mr. Wang developed Bright World from a small, underperforming stamping company, which he acquired in 1998.  At that

time, the company had far less than RMB 100 million in sales, compared to RMB 566 million for FY 2007.  Mr. Wang is

also Chairman of World Group, which includes 4 machinery manufacturing companies for which CHAC has a Right Of

First Refusal to purchase. 

–

Mr. Wang is the recipient of an Executive Masters Certificate from China Europe International Business School.

Jianjun Shao, President and CEO

–

Mr. Shao has 35 years experience in the forging and metal forming businesses. 

–

Mr. Shao is the CEO of WPM (China) and is in charge of the overall operations of the company.  He is certified as a

Senior Machinery Engineer by the Science and Technology Committee.  He has been intimately involved in the

development

of

new

products

designed

to

meet

customers’

needs,

and

to

increase

market

share

of

the

company.

–

Mr. Shao has obtained an Executive Masters Certificate from China Europe International Business School.

Paul K. Kelly, Vice Chairman

–

Mr. Kelly is a founder and current Chairman and C.E.O. of CHAC

–

Mr. Kelly is President and C.E.O. of Knox & Co., international investment bankers

–

Mr.

Kelly

is

the

C.E.O.

of

Stuart

Management

Co.,

which

provides

administrative

services

to

CHAC

–

He is a graduate of the University of Pennsylvania and has an MBA from Wharton.

Mark L. Wilson, CFO

–

Mr.

Wilson

is

a

senior

financial

executive

with

broad

experience

in

several

industries

during

his

28

year

business

career.

–

Mr. Wilson serves as an Officer and Director of Stuart Management Company and serves on the Management Board of

Biflex International Group, a leading private label intimate apparel supplier. 

–

Prior to China Holdings, Mr. Wilson was the CFO of Towers Perrin, a $1.3 billion global professional services firm and

held prior executive positions at The Thomson Corporation and MacAndrews & Forbes Holdings. 

–

He is a graduate of Cornell University (BS Class of ‘79 and MBA Class of ‘80) and earned his CPA at Ernst & Young.

(Post-transaction)

Appendix

27

BW Corporate Structure –

Taxation Considerations

The corporate structure of the Bright World Group is indicated below.

Taxation Considerations

–

World

Precise

Machinery

(China)

Co.,

Ltd.

(WPM)

and

Bright

World

Heavy

Machine

Tools

(China)

Co.,

Ltd.

(Heavy) are both located in an economic development zone in Danyang, Jiangsu Province, which gives both

companies certain tax preferences.  These preferences include a 0% tax rate for the first 2 years of

profitable operations, a 12.5% tax rate for the next 3 tax years, and the statutory 25% tax rate for tax years

thereafter.  Under this regime, WPM will have a tax rate of 12.5% for 2008, and 25% annually thereafter. 

Heavy,

which

was

established

in

2007,

will

have

0%

tax

rates

for

FY

2008

and

2009,

assuming

profitable

operations, 12.5% for 2010 through 2012, and 25% thereafter.  Shanghai Shangduan Stamping Machines

Co., Ltd., a 60%-owned joint venture subsidiary, will have a tax rate of 25% in 2008 and future years, unless

it qualifies for new tax incentives under the new CIT law, introduced in 2007

–

Based upon the foregoing, Bright World is expected to have a blended tax rate, below the statutory 25%

corporate income tax rate, for at least 5 years

Bright World Precision

Machinery Ltd.

(Singapore)

Shanghai Shangduan

Stamping Machines

Co., Ltd.

(China)

Bright World Heavy

Machine Tools (China)

Co., Ltd. (China)

100%

100%

60%

World

Precise   

Machinery (China)      

Co., Ltd.

(China)

28

Implied Share Price Multiples

(1) Assumes no redemptions of CHAC common stock which may aggregate a total of 4,266,239 shares.

(2) Number of warrants outstanding calculated using the Treasury-Stock-Method which utilizes the "Assumed Share Price" for each respective column of data.

(3) Note:

Under

the

Deed

of

Undertaking

entered

into

between

China

Holdings

Acquisition

Corp.

(“CHAC”)

and

World

Sharehold

Limited

and

its

shareholders,

World

Sharehold

Limited

is

entitled to receive additional CHAC shares (up to 15,765,000 shares) in the event that Bright World Precision Machinery Limited (“Bright World”) achieves growth in net profit after tax and

minority interests (“Net Profit”) for FY 2008 of between 20% and 32% over a base Net Profit of RMB 144,863,000.

The reference to Bright World’s year 2008 earnings and valuation multiples in this presentation is included purely for illustration purpose only and assumes that Bright World

achieves

annual

Net

Profit

growth

of

32%

local

currency

(9%

foreign

currency

effect)

in

FY2008,

consistent

with

the

range

of

Net

Profit

growth

targets

set

for

FY2008

as

prescribed

in

the

Deed

of

Undertaking.

CHAC

is

not

and

does

not

purport

to

be

providing

any

financial

forecast

or

estimate

for

Bright

World.

The

reference

to

Bright

World’s

year

2008

earnings

and

valuation

multiples

in

this

presentation

does

not

represent,

and

should

not

be

taken,

construed

or

be

relied

on

as,

a

forecast

estimate,

warranty,

guarantee

or

representation

by

CHAC

as

to

the future profitability or financial performance of Bright World in respect of FY2008.  There is no assurance whatsoever as to Bright World’s future financial performance and accordingly,

nothing in this presentation should be construed as providing any such assurance.

Assumed Share Price

(USD$ in millions, except per share data)

$10.00

$11.00

$12.00

$13.00

$14.00

$14.25

Shares o/s:

Public

(1)

12,800,000

12,800,000

12,800,000

12,800,000

12,800,000

12,800,000

Founders

3,200,000

3,200,000

3,200,000

3,200,000

3,200,000

3,200,000

Bright World at Max

35,665,000

35,665,000

35,665,000

35,665,000

35,665,000

35,665,000

Warrants

(2)

15,550,000

Exercise Price

$7.50

3,887,500

4,947,727

5,831,250

6,578,846

7,219,643

7,365,789

Total Shares o/s

55,552,500

56,612,727

57,496,250

58,243,846

58,884,643

59,030,789

2008 Pro forma Net Income

(3)

$29.965

$29.965

$29.965

$29.965

$29.965

$29.965

2008 Pro forma fully diluted EPS

(3)

$0.54

$0.53

$0.52

$0.51

$0.51

$0.51

2008 Pro forma fully diluted trailing P/E Multiple

(3)

18.5x

20.8x

23.0x

25.3x

27.5x

28.1x

2008 Pro forma trailing P/E/G

(3)

44.6%

0.42

0.47

0.52

0.57

0.62

0.63

29

Bright

World

1

Quarter

Comparison

Note: Foreign exchange rates used: Q1 2007: 7.7582RMB = US $1.00, Q1 2008: 7.1590RMB = US $1.00.

($ USD in 000's)

Q1 2008

(1)

Q1 2007

(1)

% Change

Revenue

$19,759

$13,454

46.9%

Gross Profit

6,883

4,849

41.9%

Gross Profit Margin

34.8%

36.0%

(1.2%)

Distribution, Selling & Admin.

1,719

1,625

5.8%

DSA % Sales

8.7%

12.1%

(3.4%)

Profit from Operations

5,278

3,267

61.6%

Operating Profit Margin

26.7%

24.3%

2.4%

Net Profit

$4,509

$2,856

57.9%

st