Tianguang Zhongmao Co., Ltd. (SZSE:002509) agreed to acquire Fujian Shennong Mushrooms Co., Ltd from a group of sellers for approximately CNY 990 million on March 17, 2017. As reported, Tianguang Zhongmao Co., Ltd. will pay CNY 197.6 million in cash and will pay CNY 790.4 million in stock through issuance of 77.87 million shares as consideration. As of September 5, 2017, the terms of the transaction were revised. The consideration was reduced to CNY 900 million. The consideration will be paid through issuance of 135.7 million shares at CNY 6.63 per share. Tianguang Zhongmao Co., Ltd. signed an agreement to acquire Fujian Shennong Mushrooms Co., Ltd from a group of sellers for CNY 1.1 billion on January 31, 2018. As on January 31, 2018, the terms of the transaction were revised and the consideration shares are revised to 117.6 million. In a related transaction, Tianguang Zhongmao Co., Ltd agreed to acquire Jiangsu Yuguan Modern Agricultural S&T Co., Ltd from a group of sellers for CNY 1.6 billion. Tianguang Zhongmao Co., Ltd will issue shares to raise proceeds of not more than CNY 415 million to fund the cash consideration. As of September 5, 2017, the amount of share issuance was reduced to CNY 297.7 million and proceeds will be used for the construction of Fujian Shennong Mushrooms Co., Ltd’s daily output of 115 tons of seafood mushroom automated bottle production line project and for the payment of intermediary/agent fees and other issuance fees. Fujian Shennong Mushrooms Co., Ltd reported total assets of CNY 306.3 million and net assets of CNY 151.3 million as at December 31, 2016. For the year ended December 31, 2016, Fujian Shennong Mushrooms Co., Ltd reported revenues of CNY 208.3 million, operating profit of CNY 21.9 million and net profit of CNY 23.8 million. The transaction is subject to second approval of Tianguang Zhongmao Co., Ltd's Directorate after Fujian Shennong Mushrooms Co., Ltd assets’ audit and assessment work are completed, approval of shareholders' of Tianguang Zhongmao Co., Ltd and approval of China Securities Regulatory Commission. On March 17, 2017, the shareholders' of Fujian Shennong Mushrooms Co., Ltd approved the transaction. On March 20, 2017, the Board of Tianguang Zhongmao Co., Ltd approved the transaction. The transaction is approved by the Board of Tianguang Zhongmao and shareholders of Fujian Shennong Mushrooms on January 31, 2018 and January 30, 2018 respectively. On March 6, 2018, the shareholders of Tianguang Zhongmao Co., Ltd. approved the transaction. China Galaxy Securities Co., Ltd. will not serve as the financial advisor to Tianguang Zhongmao Co., Ltd. GP Certified Public Accountants Co Ltd acted as an accountant, Dacheng Law Offices acted as the legal advisor and Wanlian Securities Co., Ltd. acted as the financial advisor to Tianguang Zhongmao Co., Ltd. Tianguang Zhongmao Co., Ltd. (SZSE:002509) cancelled the acquisition of Fujian Shennong Mushrooms Co., Ltd from a group of sellers on March 4, 2019. After careful consideration and solicitation of opinion from various agencies Tianguang Zhongmao believes that the current conditions for this restructuring are not yet mature, so it is decided to terminate the transaction.