Shaoxing Tianrui Textile Co., Ltd. agreed to acquire 22.3% stake in Zhejiang Sihai Spandex Fiber Co., Ltd. from The Inner Mongolia Sihai Technology CO.,LTD (SZSE:000611) for approximately CNY 150 million on October 27, 2014. On December 4, 2014, the supplementary agreement was signed. On November 23, 2016, a second supplemental agreement is signed as per which the stake will be transferred at CNY 130 million. As on December 4, 2014, Tianrui Textile must pay the equity transfer amount after the completion of the registration modification. As of December 31, 2013, Zhejiang Sihai Spandex Fiber had total assets of CNY 1.74 billion, total liabilities of CNY 1.15 billion, total shareholders’ equity of CNY 591.2 million, operating revenues of CNY 586.87 million and net loss of CNY 13.46 million. The transaction is subject to shareholder approval of Inner Mongolia Sihai Technology. The transaction was approved by Board of Directors of The Inner Mongolia Sihai Technology. Shaoxing Tianrui Textile Co., Ltd. cancelled the acquisition of 22.3% stake in Zhejiang Sihai Spandex Fiber Co., Ltd. from The Inner Mongolia Sihai Technology CO.,LTD (SZSE:000611) on May 23, 2017.