Liaoning Guoke Industrial Co., Ltd. entered into an agreement to acquire 29% stake in Bringspring Science and Technology Co., Ltd. (SZSE:300290) from Cui Wantao and Fu Yanjie for approximately CNY 570 million on December 24, 2018. Under the terms of the transaction, Liaoning Guoke Industrial Co., Ltd. will acquire 98.2 million shares at CNY 5.81 per share. Cui Wantao and Fu Yanjie will transfer 49.1 million shares each representing 14.5% stake. Out of total consideration, CNY 25 million will be paid as guarantee amount and CNY 545 million will be paid before December 29, 2018. As of December 27, 2018, the guarantee amount of CNY 25 million has been paid. Since the transferred shares are under pledge, it has been agreed that Liaoning Guoke Industrial Co., Ltd. will make a borrowing of CNY 545 million to Cui Wantao and Fu Yanjie before December 29, 2018 to be used to liberate said pledge. After liberation, the shares will be pledged immediately to Liaoning Guoke Industrial Co., Ltd. Liaoning Guoke Industrial Co., Ltd. completed the acquisition of 29% stake in Bringspring Science and Technology Co., Ltd. (SZSE:300290) from Cui Wantao and Fu Yanjie on January 18, 2019.