Hangzhou Zhongtai Cryogenic Technology Corporation (SZSE:300435) agreed to acquire Shandong Zhongyi Gas Co., Ltd. from Hangzhou Jinsheng Shuoqi Equity Investment Fund Partnership Enterprise (Limited Partnership), fund managed by Hangzhou Jinsheng Shuoye Investment Management Co., Ltd., Liu Lidong, Bian Chuanrui, Wang Junfei and Yan Bingqiu for CNY 1.6 billion on December 5, 2018. Under the terms of transaction, Hangzhou Zhongtai Cryogenic Technology Corporation will pay CNY 600 million in cash and will issue 95 million new shares. Hangzhou Zhongtai Cryogenic Technology Corporation will pay CNY 600 million to acquire 33.33% stake from Hangzhou Jinsheng Shuoqi Equity Investment Fund Partnership Enterprise (Limited Partnership), fund managed by Hangzhou Jinsheng Shuoye Investment Management Co., Ltd., will issue 30.5 million shares to acquire 21.41% stake from Liu Lidong, will issue 32.6 million shares to acquire 22.86% stake from Bian Chuanrui, will issue 28.1 million shares to acquire 19.69% stake from Wang Junfei and will issue 3.9 million shares to acquire 2.70% stake from Yan Bingqiu. Hangzhou Zhongtai Cryogenic Technology Corporation will fund the cash part of the transaction from CNY 440 million raised in a private placements transaction. On April 15, 2019, Hangzhou Zhongtai will issue shares to not more than 5 specific investors to raise supporting funds of not more than CNY 440 million to finance the transaction. Shares subscribed in this raising of supporting funds must not be transferred within 12 months after issuance. For the year ended December 31, 2017, Shandong Zhongyi reported total assets of CNY 775 million, total owner’s equity of CNY 506.8 million, revenues of CNY 1.2 billion, operating profit of CNY 130.2 million, net profit of CNY 91.9 million. On December 5, 2018, Jinsheng Shuoqi held its investment decision committee meeting, approved for Jinsheng Shuoqi to transfer 33.33% stake in Shandong Zhongyi to Hangzhou Zhongtai. On December 5, 2018, Shandong Zhongyi approved the shareholders’ meeting resolution for Liu Lidong, Bian Chuanrui, Wang Junfei, Yan Bingqiu, Jinsheng Shuoqi to transfer 100% stake in Shandong Zhongyi to Hangzhou Zhongtai. On December 6, 2018, the 11th session of Hangzhou Zhongtai’s 3rd directorate approved this transaction. On December 27, 2018, Hangzhou Zhongtai’s 1st special shareholders’ meeting for 2018 approved this transaction. On April 15, 2019, the 15th session of Hangzhou Zhongtai’s 3rd directorate approved to reduce the amount of supporting funds to be raised. As on April 24, 2019, the transaction received regulatory approval. As of May 31, 2019, China Securities Regulatory Commission approved the issuance of consideration shares and private placement of shares to raise supporting funds of no more than CNY 440 million. As of August 28, 2019, State Administration for Market Regulation approved the transaction. Yingda International Holding Group Co., Ltd. acted as financial advisor; Wu Jun, Liu Shaobo and Zhou Jianwu of Yingda Securities Co., Ltd. acted as financial advisor; Wang Ling, Xie Yuanxun and Han Jie of Beijing King & Wood Law Firm acted as legal advisor; and Fu Fangfang, Lin Guoxiong and Zhang Xiaoyan of Tianjian Accounting Firm (Special General Partnership) acted as accountant to Hangzhou Zhongtai Cryogenic Technology Corporation. Yu Huakai, Chai Mingmin and Zhou Yue acted as asset evaluation agency in the transaction. Hangzhou Zhongtai Cryogenic Technology Corporation (SZSE:300435) completed the acquisition of Shandong Zhongyi Gas Co., Ltd. from Hangzhou Jinsheng Shuoqi Equity Investment Fund Partnership Enterprise (Limited Partnership), fund managed by Hangzhou Jinsheng Shuoye Investment Management Co., Ltd., Liu Lidong, Bian Chuanrui, Wang Junfei and Yan Bingqiu on September 16, 2019. Post completion, Shandong Zhongyi Gas Co., Ltd. becomes wholly-owned subsidiary of Hangzhou Zhongtai Cryogenic Technology Corporation.