Chongqing Expressway Group Co., Ltd. entered into a letter of intent to acquire 30% stake in Chongqing Construction Engineering Group Corporation Limited (SHSE:600939) from Chongqing Construction Investment Holdings Co.,Ltd. for CNY 0 on April 11, 2018. A free transfer agreement was signed on April 27, 2018. Under the terms, 544.4 million shares will be acquired for free. The shares are under a lock up period. Upon completion, Chongqing Construction Investment Holdings Co.,Ltd.'s stake will reduce from 76.5% to 46.5%. On April 11, 2018, Chongqing Expressway Group Co., Ltd. held a Board meeting and decided to accept the 30% equity of Chongqing Construction Engineering Group Corporation Limited. On April 27, 2018, Chongqing Construction Investment Holdings Co.,Ltd. held a Board of Directors's meeting and resolved the transaction. On January 23, 2019, the State-owned Assets Supervision and Administration Commission of Chongqing agreed to the transaction. As on February 20, 2019, the parties are actively preparing for submission to the regulatory body.