Foshan Electrical and Lighting Co.,Ltd (SZSE:000541) entered into an equity transfer agreement to acquire 40.9% stake in Nanning Liaowang Automotive Lamp Co.,Ltd. from approximately 117 minority shareholders including Wei Xiujin, Pan Fengjin, and Yang Bo for approximately CNY 290 million on June 23, 2021. As a part of acquisition agreements, Foshan Electrical and Lighting Co.,Ltd will pay CNY 287.52 million in cash for a 40% stake in Nanning Liaowang Automotive Lamp Co.,Ltd. Transfer price per share will be CNY 26.19 per share. In related transactions, Foshan Electrical and Lighting Co.,Ltd entered into a second equity transfer agreement to acquire an unknown minority stake in Nanning Liaowang Automotive Lamp Co.,Ltd. from Kuang Linchang, Liang Xiaoling, Yang Shiyue, Liao Shaoji, Gu Hanhua, Ma Chongqian and Zeng Yiyi and Foshan Electrical and Lighting Co.,Ltd entered into a third equity transfer agreement to acquire an unknown minority stake in Nanning Liaowang Automotive Lamp Co.,Ltd. from Li Zhinong, Dang Yunquan, Deng Jianguo and other approximately 171 intermediate shareholders. In a related transaction, Foshan Electrical and Lighting Co.,Ltd will acquire 13% stake in Nanning Liaowang Automotive Lamp Co.,Ltd. by way of capital increase for CNY 200 million. Foshan Electrical and Lighting Co.,Ltd will acquire in total 40% stake as a part of all three acquisition agreements. Post completion of all the transactions, Foshan Electrical and Lighting Co.,Ltd will have 53% stake in Nanning Liaowang Automotive Lamp Co.,Ltd. Nanning Liaowang Automotive Lamp Co.,Ltd. reported total assets of CNY 2.1 billion, total liabilities of CNY 1.5 billion and net assets of CNY 605.6 million for the year ended March 31, 2021. Nanning Liaowang Automotive Lamp Co.,Ltd. reported operating income of CNY 1.5 billion, operating profit of CNY 43.4 million, net profit of CNY 39.7 million, total assets of CNY 2.2 billion, total liabilities of CNY 1.6 billion and net assets of CNY 596.8 million for the year ended December 31, 2020. Transaction is unanimously approved by board of directors of Foshan Electrical and Lighting Co.,Ltd. Transaction is pending approval of State Administration for Market Supervision and Administration for Concentration of Undertakings. As of July 27, 2021, Foshan Electrical and Lighting received “Decision on No Implementation of Further Review on Business Concentration Anti-monopoly” issued by the State Administration for Market Regulation on the transaction. Foshan Electrical and Lighting Co.,Ltd (SZSE:000541) completed the acquisition of 40.92% stake in Nanning Liaowang Auto Lamp Co., Ltd., from a group of shareholders on August 16, 2021. On July 8, 2021, Foshan Electrical and Lighting Co.,Ltd signed an equity transfer agreement with 282 shareholders of Nanning Liaowang. The business registration procedures were changed, and the new "Business License" issued by the Nanning Administrative Approval Bureau was obtained. At present, Foshan Electrical and Lighting Co.,Ltd directly holds 53.79% equity of Nanning Liaowang Auto Lamp Co., Ltd., and Nanning Liaowang Auto Lamp Co., Ltd. is Foshan Electrical and Lighting Co.,Ltd's holding subsidiary. Foshan Electrical and Lighting Co.,Ltd would be using its own funds of CNY 4.9 billion for the acquisition.