Guangdong New Grand Long Packing Co., Ltd. (SZSE:002836) entered into an agreement to acquire 55.5% stake in Jiangsu Liantong Jiyuan Printing Service Co., Ltd from Jiangyin Yinghong Investment Enterprise (Limited Partnership), Jiangyin Yuanhe Investment Enterprise (Limited Partnership), Jiangyin Yuanshun Investment Enterprise (Limited Partnership), Liu Yingkang, Liu Hanqiu and Zhou Li for approximately CNY 220 million on November 19, 2018. The consideration is paid in cash. Post-acquisition, Jiangsu Liantong Jiyuan Printing Service will become a subsidiary of Guangdong New Grand Long Packing. Jiangsu Liantong Jiyuan Printing Service reported total assets of CNY 163.4 million, net assets of CNY 132.4 million and net profit of CNY 0.04 million as of December 31, 2017. The transition is subject to approval from shareholders of Guangdong New Grand Long Packing Co., Ltd. The transaction has been approved by the Board of Directors of Jiangsu Liantong Jiyuan Printing Service at the third meeting of the second directorate held on November 19, 2018 and approved by the Board of Directors of Guangdong New Grand Long Packing at the 7th meeting of the third directorate and seventh meeting of the third board of supervisors held on November 19, 2018. Jiangyin Yinghong Investment Enterprise, Jiangyin Yuanhe Investment Enterprise and Jiangyin Yuanshun Investment Enterprise held their meeting of partners on November 20, 2018 to review and transfer their stake to Guangdong New Grand Long Packing. As of December 4, 2018, the transaction has been approved by the shareholders of Jiangsu Liantong Jiyuan Printing Service Co., Ltd. Sun Peng and Cheng Changsen of Kaiyuan Securities Co., Ltd. acted as financial advisor; Zhang Xin, Liu Liping and Yuan Jinlian of China Commercial Law Co. acted as legal advisor and Deng Dexiang and Gu Feiyan of Pan-China Certified Public Accountants LLP acted as accountant to Guangdong New Grand Long Packing Co., Ltd.