Chongqing City Construction Investment (Group) Co., Ltd. signed an agreement to acquire 16.33% stake in C.Q. Pharmaceutical Holding Co., Ltd. (SZSE:000950) from Chongqing Jianfeng Industry Group Co., Ltd. for CNY 1.5 billion on January 14, 2019. Under the terms, Chongqing City Construction Investment (Group) Co., Ltd. will acquire 282.3 million shares at CNY 5.45 per share. Consideration will be paid in two installments with first installment of CNY 923.1 million payable within 2 days since signing of the agreement and second installment of CNY 615.4 million payable within 2 days since approval from the Chongqing State-owned Assets Supervision and Administration Commission for the equity transfer. On January 17, 2019, the transaction was approved by Chongqing State-owned Assets Supervision and Administration Commission.