Tanac Automation Co., Ltd. (SZSE:300461) signed a restructuring framework agreement to acquire remaining 45% stake in Shenzhen Ocean Machine Co., Ltd. from 16 individuals on July 20, 2017. Tanac Automation Co., Ltd. (SZSE:300461) signed an acquisition agreement to acquire remaining 45% stake in Shenzhen Ocean Machine Co., Ltd. from 16 individuals for approximately CNY 330 million on August 31, 2017. The consideration will be paid through issuance of 5.7 million shares of Tanac Automation at CNY 58.17 per share. The sellers are Gong Lunyong, Peng Jun, Ye Wenxin, Wang Xinghua, Wang Jing, Shen Bohong, Li Zhongnan, Fan Wenbin, Tao Mingjing, Li Bing, Long Jian, Zeng Wu, Ye Feihu, Chen Bijun, Yang Zhi, Ma Zhimin selling 31.8%, 3.4%, 2.2%, 1.8%, 1.3%, 0.7%, 0.7%, 0.7%, 0.5%, 0.4%, 0.4%, 0.3%, 0.3%, 0.2%, 0.2% and 0.2% respectively. Shenzhen Ocean Machine Co., Ltd. Ltd reported total assets of CNY 306.3 million, net assets of CNY 109.3 million as of December 31, 2016 and revenues of CNY 279.8 million, operating profit of CNY 65 million and net profit of CNY 58.8 million for the year ended December 31, 2016. The transaction is subject to approval by shareholders of Tanac Automation at a meeting to be held on October 13, 2017 and China Securities Regulatory Commission. The transaction is approved by shareholders of Shenzhen Ocean Machine Co., Ltd on August 29, 2017 and by Board of Tanac Automation on September 1, 2017. Zhong De Securities Company Limited acted as financial advisor, Gaopeng & Partners acted as legal advisor and BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant for Tanac Automation. Tanac Automation Co., Ltd. (SZSE:300461) cancelled the acquisition of remaining 45% stake in Shenzhen Ocean Machine Co., Ltd. from 16 individuals on January 30, 2018. The board of Tanac Automation approved the termination. Tanac Automation will conduct a shareholder meeting to review the matter.