Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. (SZSE:300537) agreed to acquire Hipro Polymer Materials (Jiangsu) Co., Ltd. from a group of sellers for CNY 660 million on December 28, 2016. The consideration will be paid in shares. The parties signed the agreement on December 30, 2016 and the sellers include Chen Chaolan, Liu Xiaoming, Wu Yumin, Xu Renxian, Lu Lican, Chen Wen, Xiao Jian and Wuxi Hongcheng Management Consulting Partnership Enterprise (Limited Partnership) ('Wuxi Hongcheng'). As of April 6, 2017, the transaction terms were revised. The consideration now includes CNY 264 million in cash and 8.85 million shares. To fund the cash portion of the consideration and other proceeds, Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. will raise supporting funds of not more than CNY 314 million. As of June 5, 2017, the deal terms were revised. As per the revised terms, Jiangsu Kuangshun Photosensitivity New-Material Stock will pay CNY 264 million in cash and will issue 14.2 million shares to the sellers. For the year ended December 31, 2016, Hipro Polymer Materials (Jiangsu) Co., Ltd. had total assets of CNY 179.32 million, total owner's equity of CNY 83.16 million, revenue of CNY 198.69 million, operating profit of CNY 51.02 million and net profit of CNY 42.52 million. The transaction is subject to the approval of the China Securities Regulatory Commission. On December 28, 2016, the transaction received the approval of Wuxi Hongcheng's investment decision committee. On December 29, 2016, the transaction received the approval of the shareholders of Hipro Polymer Materials (Jiangsu) Co., Ltd. On December 30, 2016, the transaction was approved by the Board of Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. in the 15th session of the 2nd directorate. On February 6, 2017, the transaction received the approval of the shareholders of Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. On March 19, 2017, Wuxi Hongcheng’s investment decision committee approved the adjustments in the transaction. On March 29, 2017, the transaction adjustment was approved by the Board of Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. in the 18th session of the 2nd directorate. On April 6, 2017, the transaction's second adjustment was approved by the Board of Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. On April 20, 2017, this transaction was approved by the Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC in the 18th work conference of 2017. Jianghai Securities Co., Ltd. served as a financial advisor, Hunan Qiyuan Law Firm served as a legal advisor and Baker Tilly China Certified Public Accountants served as an accountant to Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd.