Zhejiang Mizuda Printing & Dyeing Group Co., Ltd. (SZSE:002034) agreed to acquire Zhejiang Wangneng Environmental Protection Stock Co., Ltd. from Mizuda Group Co., Ltd., Zhejiang Yongxingda Industrial Investment Co., Ltd., Chongqing Casin Environmental Resources Co., Ltd, Beijing Xisanqi Xinlong Industrial Group Co., Ltd. and Chen Xuewei for CNY 4.2 billion on November 30, 2016. Out of the total purchase consideration, CNY 560 million will be paid by swapping out assets, approximately CNY 640 million will be paid in cash and CNY 3.1 billion will be paid in form of 97.99 million shares. Under the terms of the transaction, Zhejiang Mizuda Printing & Dyeing Group Co. will swap out its assets to acquire a 85.92% stake from Mizuda Group Co. with difference in the exchanged amount paid by way of share issuance and cash. Remaining 14.08% stake will be acquired from Zhejiang Yongxingda Industrial Investment Co., Chongqing Casin Environmental Resources Co., Beijing Xisanqi Xinlong Industrial Group Co. and Chen Xuewei representing 2.23%, 4.99%, 4.45% and 2.41% respectively. The equity portion of the assets swap includes Huzhou Mizuda Textile Raw Material Supply Co., Ltd., Huzhou Mizuda Jiujiu Printing & Dyeing Co., Ltd., 60% stake in Zhejiang Mizuda Printing & Dyeing Group Huzhou Import & Export Co., Ltd., 35% stake in Huzhou Mizuda Dyeing & Finishing Co., Ltd., 30% stake in Huzhou Lvdian Fine Chemical Co., Ltd. and 22% stake in Jingzhou Aoda Textile Co., Ltd. As of September 30, 2016, Zhejiang Wangneng Environmental Protection Stock Co. reported total assets of CNY 3.25 billion and net assets of CNY 1.8 billion. The transaction is subject to approval from shareholders of Zhejiang Mizuda Printing & Dyeing Group Co. and subject to China Securities Regulatory Commission. The transaction was approved by the Board of Directors of Zhejiang Wangneng Environmental Protection Stock Co., Ltd. on November 30, 2016, shareholders of Mizuda Group Co., Ltd., Chongqing Casin Environmental Resources Co., Ltd., Beijing Xisanqi Xinlong Industrial Group Co., Ltd and Zhejiang Yongxingda Industrial Investment Co., Ltd on December 14, 2016, by shareholders of Zhejiang Wangneng Environmental Protection Stock Co., Ltd. on December 15, 2016 and by the Board of Zhejiang Mizuda Printing & Dyeing Group Co. on December 28, 2016. On December 28, 2016, the shareholders of Zhejiang Mizuda Printing&Dyeing Group Co.,Ltd approved the deal. China Securities Regulatory Commission approved Zhejiang Mizuda Printing & Dyeing Group to issue 78.3 million shares to Mizuda Group Co., Ltd., 6.8 million shares to Chongqing Casin Environmental Resources Co., Ltd., 6 million shares to Beijing Xisanqi Xinlong Industrial Group Co., Ltd., 3 million shares to Yongxinda Industrial Co., Ltd. and 3.3 million shares to Chen Xuewei. CITIC Securities Company Ltd. (SHSE:600030) and HaiJi Securities Co., Ltd. acted as financial advisors, Grandall Law Firm acted as legal advisor and Pan-China Certified Public Accountants LLP acted as accountant for Zhejiang Mizuda Printing & Dyeing Group Co.