Longbau Group, Inc. (OTCPK:LNGB) entered into a share exchange agreement to acquire Long Bao Life Technology Co., Ltd from a group of sellers for $1.3 million in stock on December 29, 2016. The group of sellers includes Tsai Ko, Yueh-Kuei Ko, Chi-Chang Hsieh, Ming-Ching Ko, Hsiu-Ju Lin, Kai-Hsiang Tu and Ching-Fei Tsai. As per the terms, Longbau agreed to issue 0.25 million shares as consideration to Long Bao Life shareholders in exchange for 100% stake in Long Bao Life Technology. In a related transaction, Longbau Group, Inc. also agreed to acquire Ho-Cheng Insurance Brokers Co., Ltd. Upon completion of the foregoing transaction, Long Bao Life became a wholly-owned subsidiary of Longbau. In 2015, Long Bao Life Technology had total revenue of $1.3 million, total assets of $8.9 million, loss from operations of $0.16 million, net loss of $0.25 million and shareholders’ equity of $0.53 million. The deal has been approved by board of directors of Longbau and Long Bao Life Technology. Transaction is subject to approval by shareholders of Long Bao Life Technology. Ryan Nail of The Nail Law Group acted as legal advisor to Longbau Group. Longbau Group, Inc. (OTCPK:LNGB) completed the acquisition of Long Bao Life Technology Co., Ltd from a group of sellers on December 29, 2016.