Hubei Kaile Science and Technology Co., Ltd. (SHSE:600260) agreed to acquire 51% in Beijing Sinotech Information Technology Co., Ltd from Shanghai Vanzo Communication Technology Co., Ltd. for CNY 28.4 million on March 26, 2018. The agreement is yet to be signed. Post acquisition, Shanghai Vanzo Communication Technology Co., Ltd. will no longer hold stake in Beijing Sinotech Information Technology Co., Ltd. while Hubei Kaile Science and Technology Co., Ltd will hold 51% stake. For the year ending December 31, 2017, Beijing Sinotech Information Technology Co., Ltd reported revenue of CNY 51.8 million, operating profit of CNY 12.5 million and net profit of CNY 10.8 million. As of December 31, 2017, Beijing Sinotech Information Technology Co., Ltd reported total assets of CNY 76.3 million and net assets of CNY 28.4 million. The deal does not need approval from the shareholders. As on March 26, 2018, Hubei Kaile Science and Technology Co., Ltd held its 9th directorate’s 18th meeting and approved the acquisition. Hubei Kaile Science and Technology Co., Ltd. (SHSE:600260) cancelled the acquisition of 51% in Beijing Sinotech Information Technology Co., Ltd from Shanghai Vanzo Communication Technology Co., Ltd. on March 26, 2019.