Chongqing Sanxia Paints Co., Ltd (SZSE:000565) signed an agreement to acquire an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd. for CNY 34.3 million recently. The transaction will be financed from own funds of Chongqing Sanxia Paints in two phases. Within 5 working days after the signing of agreement, Chongqing Sanxia shall pay CNY 15 million and within 10 working days after completing the change registration, Chongqing Sanxia shall pay the remaining CNY 19.3 million. Post-completion, Chongqing Sanxia Paints stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance will increased to 7% from 4%. For year ended December 31, 2018, Chongqing Chemical and Pharmaceutical Holdings Group Finance reported total assets of CNY 3.96 billion, net assets of CNY 1.1 billion, revenues of CNY 152.18 million, operating profit of CNY 143 million and net profit of CNY 121.5 million. The transaction is approved by the Board of Chongqing Sanxia. Chongqing Sanxia Paints Co., Ltd (SZSE:000565) cancelled the acquisition of an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd. on December 27, 2020.