Qianjiang Water Resources Development Co., Ltd. (SHSE:600283) agreed to acquire 60% stake in Ninghai Xinghai Wastewater Treatment Co., Ltd. from Ninghai County Drainage Co., Ltd. for CNY 90 million on December 27, 2016. Qianjiang Water Resources Development Co., Ltd. signed a share transfer agreement to acquire 60% stake in Ninghai Xinghai Wastewater Treatment Co., Ltd from Ninghai County Drainage Co., Ltd. for CNY 90 million on December 30, 2016. The consideration will be self-funded by the buyer. As of January 4, 2017, Ninghai Xinghai Wastewater Treatment Co., Ltd. is wholly owned by Ninghai County Drainage Co., Ltd. For the period ended November 30, 2016, Ninghai Xinghai Wastewater Treatment Co., Ltd reported revenue of CNY 18.61 million, net profit of CNY 0.03 million and as at November 30, 2016, total assets of CNY 151.18 million and net assets of CNY 148.63 million. The transaction was unanimously approved by the Board of Qianjiang Water Resources Development Co., Ltd. in the 9th special meeting of the 6th directorate on December 27, 2016 and does not need approval from its shareholders.