Gu Qingbo signed an equity transfer agreement to acquire an additional 15.6% stake in Jiangsu Jiuding New Material Co., Ltd (SZSE:002201) from Jiangsu Jiuding Group Co., Ltd. for CNY 520 million on January 1, 2018. Under the terms, 52 million shares will be acquired at CNY 10 per share. Post acquisition, Gu Qingbo will increase the stake to 29.9% and Jiangsu Jiuding Group Co., Ltd. will decrease the stake to 10.8% in Jiangsu Jiuding New Material Co., Ltd.