Yantai Kaicheng Industrial Co., Ltd. agreed to acquire 99.9% stake in Yangguang Special Steel Co., Ltd. from Jenax Inc. (KOSDAQ:A065620) for CNY 4.7 billion on June 8, 2020. The consideration will be received in cash. First deposit of 20% of the consideration will be paid into the joint management account within 7 business days after receiving the contract, second deposit of 50% of consideration will be paid into the joint management account within 3 business days after the completion of the name change and remaining deposit of 30% of the consideration will be paid into the joint management account within 30 business days after taking over all data from Yangguang Special Steel Co., Ltd. Yangguang Special Steel Co., Ltd. reported total assets of KRW 2.5 billion (CNY 14.9 million), net liabilities of KRW 10.9 billion (CNY 65.5 million) as at December 31, 2019. Yangguang Special Steel Co., Ltd. reported sales of KRW 13.3 million (CNY 0.08 million) and net loss of KRW 2.4 billion (CNY 14.3 million) in 2019. The Board of Directors passed a resolution for the transaction on June 8, 2020. The transaction is expected to be completed on June 30, 2020.