Jiangsu Luye Agrochemicals Co. Ltd. proposed and implmention transfer bid to acquire 25% stake in Jiangsu Qiheng Agrochemical Science and Technology Co., Ltd. from Lonkey Industrial Co.,Ltd.Guangzhou (SZSE:000523) for approximately CNY 200 million on March 22, 2019. Jiangsu Luye Agrochemicals will pay first payment of CNY 60.89 million, which represents 30% of the total payment within 5 working days after signing of the agreement, second payment of CNY 60.89 million, which represents 30% of the total payment will be paid within 120 days after signing of the agreement and third payment of CNY 81.199 million which is equal to 40% of the total payment will be paid within 240 working days after signing the agreement. As of August 3, 2020, Lonkey Industrial has not yet received the second phase transfer payment from Jiangsu Luye Agrochemicals Co. Ltd. The transaction was approved and reviewed by the board on March 22, 2019. Recently Lonkey Industrial signed an equity transfer agreement with Jiangsu Luye Agrochemicals. The deal is not expected to have a significant impact in Lonkey Industrial's 2020 financial statements. Jiangsu Luye Agrochemicals Co. Ltd. cancelled the bid to acquire 25% stake in Jiangsu Qiheng Agrochemical Science and Technology Co., Ltd. from Lonkey Industrial Co.,Ltd.Guangzhou (SZSE:000523) on October 28, 2020.