Shanghai Jin Jiang International Hotels Development Co., Ltd. (SHSE:900934) entered into the equity transfer agreement to acquire 12% stake in Keystone Lodging Holdings Limited from He Boquan for CNY 1.2 billion on October 20, 2017. Jin Jiang Hotels Development shall make a payment equivalent to the consideration minus the estimated tax amount payable for the transfer of the equity interest to He Boquan on the completion date. The consideration shall be computed in CNY and paid in U.S. Dollars. Jin Jiang Hotels Development and He Boquan shall complete the transactions within 5 working days after Jin Jiang Hotels Development has completed currency exchange in respect of the consideration. Jin Jiang Hotels Development already holds 81.0034% shareholding in Keystone and upon completion of this transaction the percentage of Jin Jiang Hotels Development’s shareholdings in Keystone will increase from 81.0034% to 93.0035%. The board of Shanghai Jin Jiang International Hotels (Group) Company Limited has approved the transaction. The transaction is subject to shareholder approval of Jin Jiang Hotels Development. As of December 31, 2016, Keystone has revenue of CNY 3.6 billion and profit after tax of CNY 4.2 million. Roy Chan, Sheng Wu, Luanne Lu, David Zhang, Yiyuan Zhang, Yiyun Tang and Anderson Lam of DLA Piper acted as legal advisor to Shanghai Jin Jiang International Hotels Development Co., Ltd. Shanghai Jin Jiang International Hotels Development Co., Ltd. (SHSE:900934) completed the acquisition of 12% stake in Keystone Lodging Holdings Limited from He Boquan on January 12, 2018.