Zhongqi Development and Investment (Beijing) Co., Ltd signed the share transfer agreement to acquire 1.47% stake in Bank of Jinzhou Co., Ltd. (SEHK:416) from Zhejiang Longsheng Group Co., Ltd. (SHSE:600352) for CNY 590 million on January 12, 2017. Under the terms of the transaction Zhongqi Development and Investment (Beijing) Co., Ltd. will acquire 100 million shares of Bank of Jinzhou Co., Ltd. As of January 12, 2016, Board of Zhejiang Longsheng Group Co., Ltd. approved the transaction and the transaction does not require approval from the shareholders of Zhejiang Longsheng Group Co., Ltd.