Huizhou Jinyang Real Estate Development Co., Ltd. agreed to acquire Shantou Far East Light Industry And Chemical Industry Equipment Co., Ltd. from Guangdong Jinjia New Material Technology Co., Ltd. and Guangdong Jinming Machinery Co., Ltd. (SZSE:300281) for approximately CNY 240 million on December 6, 2019. As a part of the transaction Huizhou Jinyang Real Estate Development paid deposit of CNY 24 million and the remaining consideration is to be paid on installment, first installment shall of CNY 122.4 million shall be paid within five working days from the date of signing this contract and second installment of CNY 117.6 million will be paid within one year from the effective date of this agreement. As of March 31, 2019, Shantou Far East Light Industry And Chemical Industry Equipment reported total assets of CNY 307.1 million, total debt of CNY 164.22 million, total receivables of CNY 27.75 million, net assets of CNY 148.88 million, operating revenue of CNY 9.14 million, operating loss of CNY 2.04 million, net loss of 1.78 million and net cash flow of 0.101 million. The transaction was approved by board members of Guangdong Jinming Machinery.