Chengdu Hongqi Chain Co.,Ltd. (SZSE:002697) agreed to acquire 20% stake in Sichuan Jibaixing Food Co., Ltd. from Huang Wanjiong, Zhang Yan and Zhang Rui for CNY 6 million on January 9, 2020. Share transfer price and payment method as all parties agreed for the transfer price of CNY 8 million to be paid within 5 working days after the completion of the equity delivery. CNY 6 million of which will serve as Chengdu Hongqi Chain's paid-in contribution for holding 20% stake in Sichuan Jibaixing , the remaining CNY 2 million will serve as Sichuan Jibaixing's capital reserve. Chengdu Hongqi Chain will use its own funds to invest CNY 8 million, accounting for 20% of Sichuan Jibaixing's total shares, of which, CNY 6 million will serve as the investment for holding shares in Sichuan Jibaixing, CNY 2 million will be recorded as capital reserve. Pre deal, Huang Wanjiong, Zhang Yan and Zhang Rui held 48.5%, 46.5% and 5% respectively. Post deal, Huang Wanjiong, Zhang Yan and Zhang Rui will hold 38.8%, 37.2% and 5% respectively. The 8th session of Chengdu Hongqi Chain's 4th directorate held on January 9, 2020 approved the deal.