Zhao Zixiong agreed to acquire 60% stake in Jilin Jiyan High-tech Fibers Co., Ltd. from Huaxun Fangzhou Co., Ltd. (SZSE:000687) for CNY 24.8 million on December 28, 2016. Post completion, Huaxun Fangzhou Co., Ltd. will not hold stake in Jilin Jiyan High-tech Fibers Co., Ltd. For the year ended December 31, 2015, Jilin Jiyan High-tech Fibers Co., Ltd. reported total assets of CNY 74 million, revenues of CNY 20.5 million, net assets of CNY 32.4 million, operating loss of CNY 2.4 million and net income of CNY 0.78 million. On December 28, 2016, the Board of Directors of Huaxun Fangzhou Co., Ltd. approved the deal. This transaction does not require the approval from shareholders of Huaxun Fangzhou Co., Ltd. Zhao Zixiong completed the acquisition of 60% stake in Jilin Jiyan High-tech Fibers Co., Ltd. from Huaxun Fangzhou Co., Ltd. (SZSE:000687) in first quarter of 2017.