Jiangsu Xiuqiang Glasswork Co., Ltd. (SZSE:300160) signed a share transfer agreement to acquire Hangzhou Holistic Education Group Co., Ltd. from Zhou Chongming, Zhou Chongbing and Hangzhou Zhongpin Education Technology Co., Ltd. for CNY 210 million in cash on December 18, 2015. Zhongpin Education will sell 8% stake for CNY 16.8 million, Zhou Chongming will sell 90% stake for CNY 189 million and Zhou Chongbing will sell 2% stake for CNY 4.2 million. As of December 31, 2014, Holistic Education reported total assets of CNY 55.34 million, total liabilities of CNY 42 million, net assets of CNY 13.35 million, revenue of CNY 6.85 million, operating loss of CNY 2.17 million and net loss of CNY 2.17 million. As of November 30, 2015, Holistic Education reported total assets of CNY 76.56 million, total liabilities of CNY 29.77 million and net assets of CNY 46.79 million. For January 2015 to November 2015, Holistic Education reported revenue of CNY 9.71 million, operating profit of CNY 11.20 million and net profit of CNY 7.84 million. Jiangsu Xiuqiang Glasswork's Board of Directors approved the transaction as on December 18, 2015.

Jiangsu Xiuqiang Glasswork Co., Ltd. (SZSE:300160) completed the acquisition of Hangzhou Holistic Education Group Co., Ltd. from Zhou Chongming, Zhou Chongbing and Hangzhou Zhongpin Education Technology Co., Ltd. on January 30, 2016.