Nanjing Yueboo Power System Co., Ltd. (SZSE:300742) entered into an agreement to acquire 51% stake in Shenzhen Huahao Electromechanical Co., Ltd. from a group of sellers for CNY 76.5 million on April 24, 2020. For the year ending December 31, 2019, Shenzhen Huahao Electromechanical Co., Ltd. reported total assets of CNY 245.66 million, net assets of CNY 27.57 million, revenue of CNY 317.30 million, operating loss of CNY 1.24 million and net profit of 0.41 million. The transaction is subject to approval of Nanjing Yueboo Power System Co., Ltd.'s shareholders and other necessary approvals and has obtained the approval of shareholders of Shenzhen Huahao Electromechanical Co., Ltd. and 21st Meeting of the Company’s 2nd Directorate of Shenzhen Huahao Electromechanical Co., Ltd. Chen Xingzhou, Huang Lei, Chen Peng of Haitong Securities Co., Ltd. (SHSE:600837) acted as financial advisors, Sun Li, Qiao Yingqiang of Grandall Law Firm acted as legal advisors and Liu Jun, Hu Yongbo of Mazars Certified Public Accountants (Special General Partnership) acted as accountants to Nanjing Yueboo Power System Co., Ltd. Nanjing Yueboo Power System Co., Ltd. (SZSE:300742) cancelled the acquisition of 51% stake in Shenzhen Huahao Electromechanical Co., Ltd. from a group of sellers on October 26, 2020. Board of Nanjing Yueboo Power System agreed to terminate the purchase of 51% stake in Shenzhen Huahao Electromechanical Co., Ltd.