Jiangsu Daybright Intelligent Electric Co.,Ltd. (SZSE:300670) agreed to acquire 70% stake in Suzhou Guoyu Carbon Fiber Technology Co., Ltd. from Wu Guochen, Cai Xinglong and Wang Jun for approximately CNY 320 million on June 20, 2018. Jiangsu Daybright Intelligent Electric Co.,Ltd. signed an agreement to acquire 70% stake in Suzhou Guoyu Carbon Fiber Technology Co., Ltd. from Wu Guochen, Cai Xinglong and Wang Jun on August 15, 2018. Under the terms of the transaction, 80% of the consideration will be paid through issuance of 16.48 million shares at CNY 15.29 per share and CNY 63 million will be paid in cash. On April 18, 2019, Jiangsu Daybright Intelligent Electric signed a supplemental agreement with Wu Guocheng, Cai Xinglong and Wang Jun on issuing shares and paying cash to Suzhou Guoyu Carbon Fiber Technology Co., Ltd. On July 25, 2019, a supplemental agreement is signed as per which, CNY 61.9 million will be paid in cash and balance in 24.3 million shares. Suzhou Guoyu Carbon Fiber Technology reported total assets of CNY 217.7 million, net assets of CNY 115.9 million, revenue of CNY 202.9 million, operating revenue of CNY 25.5 million and net profit of CNY 22 million as of December 31, 2017. The transaction is subject to shareholders’ approval of Jiangsu Daybright Intelligent Electric Co.,Ltd. and approval from the China Securities Regulatory Commission. The transaction was approved by the shareholders of Suzhou Guoyu Carbon Fiber Technology Co., Ltd. on June 20, 2018. The transaction was approved by the 5th meeting of the 2nd Directorate of Jiangsu Daybright Intelligent Electric Co.,Ltd. on August 16, 2018. The transaction is approved by the 10th meeting of the 2nd directorate on January 16, 2019. As of May 6, 2019, China Securities Regulatory Commission didn't approve the transaction. As of May 30, 2019, China Securities Regulatory Commission decided not to approve the issuance of shares by Jiangsu Daybright Intelligent Electric Co.,Ltd. for the acquisition. On July 25, 2019, the adjustments in the deal were approved by shareholders of Suzhou Guoyu Carbon Fiber Technology Co., Ltd. and Board of Jiangsu Daybright Intelligent Electric Co., Ltd. As of October 21, 2019, securities regulator has approved the transaction. As of November 29, 2019, the transaction was approved by China Securities Regulatory Commission. Bu Guoxun, Kong Yufei, Hu Chuanbao and Bao Han of Nanjing Securities Co., Ltd. acted as financial advisors, Wang Fan, Lin Yaqing and Xu Rongrong of C&T Partners acted as legal advisors, Yu Ruiyu, Lin Jie, Luo Shunhua, Wu Ting and Ge Qihai of Jiangsu Talent CPA Co., Ltd. acted as accountants, Sun Jianmin, Chen Xiaobing and Shi Xiaoning of Beijing Tianjian Xingye Assets Appraisal Co., Ltd. acted as assessment agency agents to Jiangsu Daybright Intelligent Electric Co.,Ltd.