Goldenmax International Technology Ltd. (SZSE:002636) agreed to acquire 78.03% stake in Chengde Tianyuan Pharmaceuticals Co.,Ltd from Tianyuan Enterprise Management Consulting Service Weichang Manchu Mongolian Autonomous County and Zhou Yinjun for approximately CNY 190 million on September 28, 2019. The payment for the acquisition will be done in 5 installments. First installment of CNY 37 million after Seven working days after the entry into force of this agreement and the completion of the relevant prerequisites, second installment of approximately CNY 120 million after Seven business days after the completion of the business change and completion of the relevant prerequisites, third installmet of CNY 10.2 million after Completion of relevant prerequisites and audit by the accounting firm designated by the acquirer, within 7 working days after the target company reaches the 2019 performance commitment, fourth installment of CNY 10.2 million after Completion of relevant prerequisites and audit by the accounting firm designated by the acquirer, within 7 working days after the target company achieves the 2020 performance commitment and fifth installment of CNY 10.2 million after Completion of relevant prerequisites and audit by the accounting firm designated by the purchaser, within 7 working days after the target company achieves the 2021 performance commitment. For the year ended December, 2018, Chengde Tianyuan Pharmaceuticals Co.,Ltd reported total assets of approximately CNY 250 million, owners' equity of approximately CNY 100 million, operating income of approximately CNY 140 million, operating profit of CNY 20.7 million and net profit of CNY 18.4 million. Goldenmax International Technology Ltd.'s 13rd meeting of the 4th directorate approved the transaction on September 29, 2019.