Changchun jingkai Group Co., Ltd (SHSE:600215) signed an intention agreement to acquire Zhejiang Wanfeng Technology Development Co., Ltd. from a group of shareholders on January 2, 2020. The group of shareholders includes Wanfeng Jinyuan Holding Group Co., Ltd., Xinchang Zhilian Investment Management Partnership Enterprise (Limited Partnership), Shaoxing Wanfeng Yueshang Industrial M&A Fund Partnership Enterprise (Limited Partnership), Xinchang Huaju Investment Partnership Enterprise, Advanced Manufacturing Industry Investment Fund (Limited Partnership), Wu Jinhua holding 21.98% stake, Wu Jun holding 1.22% stake, Ni Weiyong holding 0.87% stake and Jiang Yuhua holding 0.77% stake. An acquisition agreement was signed on January 15, 2020. The consideration will be settled by issuance of shares ordinary shares (A shares) and cash payment. Zhejiang Wanfeng Technology Development had total assets of CNY 2.9 billion, net assets of CNY 1.4 billion, revenue of CNY 1.4 billion and net profit for CNY 101.1 million in the year ended December 31, 2019. The transaction is subject to approval by approved by China Securities Regulatory Commission and Zhejiang Wanfeng Technology Development’ shareholders. The transaction is approved by Changchun jingkai Group's board, counterparty's internal decision-making and antitrust bodies. As of April 6, 2020, The transaction plan has been reviewed and approved by the internal decision-making body of the counterparties and the twelfth meeting of the ninth board of directors of the Company.