Pan Hong Holdings Group Limited (SGX:P36) entered into an equity transfer agreement to acquire an additional 6.6% stake in Zhejiang Gene Stem Cell Biotech Company Limited for CNY 15 million on June 13, 2019. The consideration will be paid in cash. Out of total consideration, CNY 5.9 million will be paid within 10 days from the date of the execution of the agreement and the remaining CNY 9.1 million will be settled within two months from the date of the execution of the agreement. Upon completion, Pan Hong Holdings Group will hold 16.6% stake in Zhejiang Gene Stem Cell Biotech. Transaction will be funded by Pan Hong Holdings' internal resources. Zhejiang Gene Stem Cell Biotech Company had net asset value of CNY 69 million as at December 31, 2018 and had net profit of CNY 0.53 million for the year ended December 31, 2018. The transaction is not expected to have any material impact on Pan Hong Holdings' earnings per share or net tangible assets for the current financial year ending March 31, 2020. Pan Hong Holdings Group Limited (SGX:P36) cancelled the acquisition of an additional 6.6% stake in Zhejiang Gene Stem Cell Biotech Company Limited for CNY 15 million on June 13, 2020.