CECEP Environmental Protection Equipment Co., Ltd. (SZSE:300140) agreed to acquire a 99.18% stake in Jiangsu Zhaosheng Environmental Protection Co.,Ltd from a group of sellers for CNY 720 million on January 10, 2018. Under the terms of the transaction, CECEP Environmental Protection Equipment Co., Ltd. will pay cash of CNY 216 million and issue 30.7 million shares as consideration. As on May 25, 2018, deal terms were revised. One seller exited from the agreement. Under the terms of the deal, CECEP Environmental Protection Equipment Co., Ltd. will pay cash of CNY 214.2 million and issue 30.4 million shares. As per revised terms on September 7, 2018, CECEP Environmental Protection Equipment will issue 30.52 million shares as consideration as per the CECEP Environmental Protection Equipment Co., Ltd.’s 2017 profit distribution scheme. CECEP Environmental Protection Equipment Co., Ltd plans to pay the cash portion of the transaction from raising supporting funds of not more than CNY 410 million. The transaction is subject to approval from China Energy Conservation and Environmental Protection Group Co., Ltd.’s filing of the asset assessment reports after the completion of the audit and assessment work and the confirmation of the transaction price, second approval of CECEP Environmental Protection Equipment Co., Ltd.'s and Jiangsu Zhaosheng Environmental Protection Co., Ltd.’s directorate, SASAC and China Securities Regulatory Commission (CSRC's) approval and approval of the shareholders of CECEP Environmental Protection Equipment Co., Ltd. On January 10, 2018, Jiangsu Zhaosheng Environmental Protection Co., Ltd. held the 16th meeting of the 1st directorate and approved the transaction. CECEP Environmental Protection Equipment Co., Ltd. held the 9th meeting of the 6th directorate and approved the transaction. Heilongjiang Roway Securities Digital Programming Co., Ltd. held a shareholders' meeting and approved the transaction. Wuxi Jinjiusheng Investment Enterprise (Limited Partnership) held a partners meeting and approved the transaction. In May 2018, Jiangsu Zhaosheng Environmental Protection Co.,Ltd respectively convened a directorate and extraordinary general meeting which reviewed and approved the deal. CECEP Environmental Protection Equipment Co., Ltd.’s 13th session of the 6th directorate meeting on May 25, 2018 reviewed and approved the proposal on the company’s acquisition. On May 25, 2018, shareholders of both Heilongjiang Roway Securities Digital Programming Co., Ltd. and Wuxi Jinjiusheng Investment Enterprise (Limited Partnership) approved the transaction. On June 15, 2018, the transaction was approved by State-owned Assets Supervision and Administration Commission of the State Council. On June 19, 2018, the transaction was approved by the shareholders of CECEP Environmental Protection Equipment Co., Ltd. On September 7, 2018, the transaction was approved by the Board of Directors of CECEP Environmental Protection Equipment Co., Ltd. in 17th meeting of 6th directorate. On December 6, 2018, the transaction was approved by CSRC. Shao Jie and Wang Zheng of Huatai United Securities Co., Ltd. acted as financial advisors, Fang Yan, Zhang Hongyuan and Tong Danni of Jincheng Tongda & Neal acted as legal advisors and Yuan Gangshan and Zuo Zhimin of Ruihua Certified Public Accountants, LLP acted as accountants to CECEP Environmental Protection Equipment Co., Ltd.