Western Region Gold Co., Ltd. (SHSE:601069) agreed to acquire a 51% stake in Akto Kebang Manganese Industry Manufacturing Co., Ltd. from Yang Shengrong for approximately CNY 110 million on July 13, 2017. The parties signed the agreement on July 17, 2017. The consideration will be paid as CNY 33.8 million in cash and 3.84 million in shares of Western Region Gold Co., Ltd. In a related transaction, Western Region Gold Co., Ltd. (SHSE:601069) agreed to acquire a 51% stake in Xinjiang Baiyuanfeng Mining Co., Ltd. from Yang Shengrong for approximately CNY 1 billion. To fund the cash portion of the consideration, Western Region Gold Co., Ltd. will issue shares to raise supporting funds of not more than CNY 400 million. For the year ended December 31, 2016, Akto Kebang Manganese Industry Manufacturing Co., Ltd. had total assets of CNY 863.13 million, shareholders' equity of CNY 6.40 million, revenue of CNY 454.73 million, operating profit of CNY 47.67 million, and net profit of CNY 44.99 million. The transaction is subject to another directorate approval from Western Region Gold Co., Ltd., approval of the shareholders of Western Region Gold Co., Ltd., approval of State-owned Assets Supervision and Administration Commission of Xinjiang and China Securities Regulatory Commission. The transaction was approved by the shareholders of Akto Kebang Manganese Industry Manufacturing Co., Ltd. on July 13, 2017 and by the Board of Western Region Gold Co., Ltd. in the 16th session of 2nd directorate on July 17, 2017. Southwest Securities Co., Ltd. (SHSE:600369) acted as an independent financial advisor to Western Region Gold Co., Ltd. Western Region Gold Co., Ltd. (SHSE:601069) cancelled the acquisition of 51% stake in Akto Kebang Manganese Industry Manufacturing Co., Ltd. from Yang Shengrong on January 10, 2018. The termination was approved by the Board of Directors of Western Region Gold Co., Ltd.