Jiangsu Seagull Cooling Tower Co.,Ltd. (SHSE:603269) signed an agreement to acquire Jiangsu Ocean Cooling Equipment Co., Ltd. from Guo Shizhen, Yang Bo and Shen Zhichun for CNY 80.7 million on June 19, 2020. After the signing of the agreement, Jiangsu Ocean Cooling paid 70% of the consideration and remaining 30% will be paid within 15 working days after the asset delivery. Currently, Guo Shizhen, Yang Bo and Shen Zhichun owns 89.75%, 8% and 2.25% stakes in Jiangsu Ocean Cooling Equipment, respectively. Jiangsu Ocean Cooling generated revenues of CNY 62.07 million, operating profit of CNY 9.12 million, net profit of CNY 7.3 million, total assets of CNY 56.85 million and net assets of CNY 16.22 million for the year ended December 31, 2019. On June 19, 2020, the 4th session of Jiangsu Seagull Cooling's 8th directorate approved the transaction.