Flying Technology Co., Ltd. (SHSE:603488) entered into a framework agreement to acquire Hangzhou Botan Technology Engineering Co., Ltd. from a group of investors on July 5, 2020. The consideration will be settled by issuing shares and paying cash. Flying Technology will make a private placement operation to raise supporting funds. As on November 4, 2020, after negotiation, it was determined that the issue price of the issuance of consideration shares is CNY 5.73 per share. For the financial year December 31, 2019, Hangzhou Botan Technology Engineering Co., Ltd reported total revenue of CNY 264 million, total assets of CNY 523 million, operating profit of CNY 50 million, net income of CNY 43.7 million and total common equity of CNY 307 million. The transaction is subject to CSRC approval, Flying Technology Co., Ltd shareholder approval. The transaction was approved by the board of directors of Flying Technology Co., Ltd. in the board meeting held on July 10, 2020. Flying Technology Co., Ltd. (SHSE:603488) cancelled the acquisition of Hangzhou Botan Technology Engineering Co., Ltd. from a group of investors on January 15, 2021.