Minsheng Holdings Co., Ltd. (SZSE:000416) entered into share transfer agreement to acquire 75% stake in Shenzhen Fanhai Sanjiang Electronics Co., Ltd from Oceanwide Holdings Co., Ltd. (SZSE:000046) for approximately CNY 320 million on August 13, 2015. As of December 31, 2014, Shenzhen Fanhai Sanjiang Electronics had total assets of CNY 267.74 million, total shareholders' Equity of CNY 95.01 million, total revenue of CNY 344.48 million, total profit of CNY 18.87 million and net profit of CNY 17.06 million. The Board of Directors of Oceanwide Holdings Co., Ltd. and Shenzhen Fanhai Sanjiang Electronics Co., Ltd.'s shareholders approved the transaction on August 13, 2015. Board of Directors of Minsheng Holdings Co., Ltd. approved the transaction. The transaction is still subject to approval by shareholders of Minsheng Holdings Co., Ltd. and by China Securities Regulatory Commission's approval. As of September 15, 2015, the transaction was approved by shareholders of Minsheng Holdings. As on December 30, 2015, Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC were not approved. Zhongshan Securities Co., Ltd. acted as financial advisor and Guangdong Guanghe Law Firm acted as legal advisor to Minsheng Holdings Co., Ltd.

Minsheng Holdings Co., Ltd. (SZSE:000416) cancelled the acquisition of 75% stake in Shenzhen Fanhai Sanjiang Electronics Co., Ltd from Oceanwide Holdings Co., Ltd. (SZSE:000046) on January 31, 2016. The board of directors of Oceanwide Holdings Co., Ltd. did not approve the transaction.