Shenzhen Zhixingbo Technology Co., Ltd. signed an equity transfer agreement to acquire Shenzhen Huaxun Fangzhou Equipment Technology Co., Ltd. from Huaxun Fangzhou Co., Ltd. (SZSE:000687) for CNY 22 million on December 29, 2018. As per the terms, payment will be done in 2 installments. A first installment of CNY 15 million payable within 5 days since signing of the agreement and a second installment of CNY 7 million payable before June 30, 2019. There is no need for approval from the shareholders’ meeting of Huaxun Fangzhou. As of December 31, 2017, Shenzhen Huaxun Fangzhou reported total assets of CNY 21.8 million, net assets of CNY 18.2 million, operating revenue of CNY 0, net loss of CNY 10.7 million and operating loss of CNY 10.7 million.