Beijing Tiandu Yishan Investment Holding Group Co., Ltd and Beijing Zhongrong Zhengyuan Asset Management Co., Ltd agreed to acquire 95% stake in Pinghu Jiulongshan Ocean Garden Vacation Co., Ltd from HNA Innovation Co., Ltd. (SHSE:900955) and Hainan Jingyun Business Management Co., Ltd for approximately CNY 230 million on September 12, 2017. On September 20, 2017, a share transfer agreement was signed. Under the terms, HNA Innovation Co., Ltd and Hainan Jingyun Business Management Co., Ltd are selling 40% and 55% stake respectively. As on September 28, 2017, CNY 30 million is paid as consideration. On October 18, 2017, CNY 13.42 million of the consideration is paid. As on December 21, 2017, CNY 10 million is paid as consideration; as on December 25, 2017, CNY 63 million was paid and December 26, 2017, CNY 68 million was made. Beijing Tiandu Yishan Investment Holding Group Co., Ltd. and Beijing Zhongrong Zhengyuan Asset Management Co., Ltd. paid CNY 20 million under the concept of transfer intention. The deal is subject to approval from shareholders of HNA Innovation Co., Ltd and is approved by its Board of Directors during the 16th meeting of the 7 directorate on September 12, 2017. On September 28, 2017, the shareholders of HNA Innovation Co., Ltd. approved the deal during the 2nd extraordinary shareholders' meeting. Beijing Zhongrong Zhengyuan Asset Management Co., Ltd completed the acquisition of 95% stake in Pinghu Jiulongshan Ocean Garden Vacation Co., Ltd from HNA Innovation Co., Ltd. (SHSE:900955) and Hainan Jingyun Business Management Co., Ltd on December 29, 2017. The transaction was approved by the Pinghu City Market Office Supervision Bureau.