Chen Songquan signed an agreement to acquire Puning Tianhe Weaving Garment Factory Co., Ltd. from Guangdong Jadiete Holdings Group Company Limited and Tianrui (HK) Trading Company Limited for CNY 74.7 million on November 28, 2016. Under the terms, Guangdong Jadiete Holdings Group Company Limited will sell 75% stake for CNY 56.01 million and Tianrui (HK) Trading Company Limited will sell 25% stake for CNY 18.7 million. For the year ended December 31, 2015, Puning Tianhe Weaving Garment Factory Co., Ltd. reported total assets of CNY 237.9 million, operating loss and net loss of CNY 2 million and net assets of CNY 228.2 million. The deal is approved by the Board of Directors and does not require approval from shareholders of Guangdong Jadiete Holdings Group Company Limited.