Gettop Acoustic Co., Ltd. (SZSE:002655) signed an accumulation and merger agreement to acquire 1more Acoustic Technology Co., Ltd. from a group of seller for CNY 3.4 billion on November 14, 2018. Under the term, the group of seller will transfer 619.89 million shares to Gettop Acoustic at a transfer price of CNY 5.42 per shares. 1MORE Hong Kong Limited, HKmore Holdings Limited, Shenzhen 1more Guanxing Technology Enterprise (Limited Partnership), Shenzhen 1more Yingren Technology Enterprise (Limited Partnership), Shenzhen 1more Renju Technology Enterprise (Limited Partnership), Shenzhen 1more Shuntian Technology Enterprise (Limited Partnership), Shenzhen 1more Hengqing Technology Enterprise (Limited Partnership), People Better Limited, Shunwei TMT (Hong Kong) Limited, Walden CEL More(Hong Kong)Limited, Value More Hong Kong Limited, Tropical Excellence (Hong Kong) Limited, Qingdao Yingke Tiancheng Venture Capital Partnership (Limited Partnership), Pingtan Yingke Shengda Venture Capital Partnership (Limited Partnership), Pingtan Yingke Shengda Venture Capital Partnership (Limited Partnership), Pingtan Yingke Shengtong Venture Capital Partnership (Limited Partnership), Pingtan Wangshi Yingke Venture Capital Partnership (Limited Partnership), Pingtan Hongrun Yingke New Materials Venture Capital Partnership (Limited Partnership), Ningbo Meishan Bonded Port Area Yingke Fortune Venture Capital Investment Center (Limited Partnership), Ningbo Yingke Hengtong Venture Capital Center (limited partnership), Shenzhen Nanshan Hongtai Equity Investment Fund Partnership (Limited Partnership), SDIC Creates a National Emerging Industry Venture Capital Guidance Fund (Limited Partnership), Zhihan (Shanghai) Investment Center (Limited Partnership), JMT HOLDINGS LIMITED, EASTERN EAGLE INVESTMENT CO., LTD, Shenzhen Dingtian Fenghua Technology Enterprise, Weifang Fengxiang Financial Investment Holdings Co., Ltd. and Jiaxing Jiawei investment partnership (limited partnership) will transfer 12.0343%, 2.9665%, 1.8514%, 1.3886%, 1.1571%, 1.3886%, 0.1543%, 11.1530%, 7.1897%, 5.3849%, 0.4008%, 2.3143%, 3.0714%, 3.1776%, 1.5888%, 3.1776%, 1.9860%, 0.3260%, 0.7696%, 0.7461%, 16.1257%, 4.0314%, 4.0314%, 1.9614%, 0.7108%, 0.2158%, 1.0121% and 9.6849% stake in 1more Acoustic Technology for CNY 404.33 million, CNY 99.67 million, CNY 62.21 million, CNY 46.65 million, CNY 38.88 million, CNY 46.65 million, CNY 5.18 million, CNY 374.72 million, CNY 241.56 million, CNY 180.92 million, CNY 13.47 million, CNY 77.76 million, CNY 103.19 million, CNY 106.76 million, CNY 53.38 million, CNY 106.76 million, CNY 66.73 million, CNY 10.95 million, CNY 25.86 million, CNY 25.07 million, CNY 541.80 million, CNY 135.45 million, CNY 135.45 million, CNY 65.90 million, CNY 23.88 million, CNY 7.25 million, CNY 34 million and CNY 325.40 million respectively. As of December 31, 2017, 1more Acoustic Technology reported revenue of CNY 618.19 million, EBIT of CNY 14.69 million and net income of CNY 10.73 million. The transaction is subject to the approval of shareholders of Gettop Acoustic, approval by the China Securities Regulatory Commission, the parties still need to fulfill other necessary approval/registration procedures (if applicable) in accordance with relevant laws and regulations. The transaction was approved by the board of directors of Gettop Acoustic on the the ninth extraordinary meeting of the fourth directorate held on November 14, 2018. The transaction was once again reviewed and approved by the board of directors of Gettop Acoustic on the the fourteenth extraordinary meeting of the fourth directorate held on May 12, 2019. As of May 12, 2019, 1more Acoustic Technology has fulfilled its internal decision-making process and the group of seller also fulfilled the necessary approval or internal decision-making procedures. On May 28, 2019, the transaction has been approved by the shareholders of Gettop Acoustic. As per announcement of December 12, 2019, China Securities Regulatory Commission rejected the acquisition. Wu Zongbo and Wang Weifu of BOC International (China) Limited acted as financial advisors for Gettop Acoustic Co., Ltd., Wei Wei and Liu Xin of Jurisino Law Group acted as legal advisors for Gettop Acoustic Co., Ltd., CPA: Hu Naipeng and Pan Yijun of Huapu Tianjian (Beijing) Certified Public Accountants Co, Ltd and Hao Xianjing and Yan Jin of ShineWing Certified Public Accountants Co., Ltd. acted as accountants for Gettop Acoustic Co., Ltd.