Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) agreed to acquire remaining 45% stake in Qingdao Haoxin New Energy Technology Corporation from Wang Lianchen, Dong An’gang and Wei Chen for approximately CNY 180 million on April 20, 2018. Under the terms, Guangdong Dowstone Technology Co., Ltd will pay CNY 18 million in cash and issue 3.7 million common shares (A shares) as consideration shares at CNY 43.74 per share. Wang Lianchen and Dong An’gang will get 2.01 million shares and 1.7 million shares respectively and Wei Chen will get CNY 18 million. As of October 16, 2018, Wang Lianchen and Dong An’gang will get 3.6 million and 3.1 million shares respectively and Wei Chen will get CNY 18 million. Wang Lianchen holds 22.06% stake, Dong Angang own 18.44% stake and Wei Chen owns 4.50% stake in Qingdao Haoxin New Energy Technology Corporation. Qingdao Haoxin New Energy Technology Corporation reported total assets of CNY 169.9 million, net assets of CNY 112.8 million, operational income of CNY 113.02 million, operational profit of CNY 27.97 million and net profit of CNY 23.98 million. The transaction is subject to the approval from the shareholders of Guangdong Dowstone Technology Co., Ltd and China Securities Regulatory Commission and listing of shares. The transaction has been approved by the Board of Directors of Guangdong Dowstone Technology Co., Ltd and Qingdao Haoxin New Energy Technology Corporation at the meeting held on April 20, 2018. As of May 17, 2018, shareholders of Guangdong Dowstone Technology approved the transaction. As of October 9, 2018, the transaction is approved by the independent directors of Guangdong Dowstone Technology at the 8th meeting of the 4th directorate. As on October 26, 2018, the transaction got the approval from China Securities Regulatory Commission. As on November 14, 2018, Guangdong Dowstone Technology approved the shares as consideration to Wang Lianchen and Dong An’gang, the same has been received CSRC approval. Houda, Yang Jianbin, Wang Huizheng, and Ouyang Jiangbo of China Merchants Securities Co.,Ltd. (SHSE:600999) acted as financial advisors, Peng Xuefeng, Lu Wangsheng, Li Jingjing, Yu Na and Wu Guiling of Dacheng Law Offices acted as legal advisors, Zhu Jiandi, Cui Yan and Yang Yan of BDO China SHU LUN PAN Certified Public Accountants LLP and Liu Xinfa and Zhao Liang of Lixin Zhonglian Certified Public Accountants acted as accountants and Ma Lihua, Li Zhifeng and Yang Yijun acted as asset appraisers to Guangdong Dowstone Technology Co., Ltd.