Jiangsu Iricom New Material Co., Ltd. agreed to acquire Sangbo New Material (Suzhou) Limited from SANGBO Corp. (KOSDAQ:A027580) for approximately CNY 220 million on December 9, 2019. Under the terms, Jiangsu Iricom New Material Co., Ltd. will pay CNY 112.7 million for 51% stake and CNY 108.3 million for 49% stake in Sangbo New Material (Suzhou) Limited respectively. As on May 4, 2020, the consideration of CNY 112.7 for 51% stake will be paid by August 31, 2020 and CNY 108 million for 49% will be paid by December 31, 2020. As of August31, 2020, the consideration of CNY 112.7 for 51% stake will be paid by November 30, 2020 and CNY 108 million for 49% will be paid by December 31, 2020. Sangbo New Material (Suzhou) Limited reported sales of KRW 87.4 billion ( CNY 508.8 million), total assets of KRW 56.14 billion ( CNY 326.7 million) and net income of KRW 1.8 billion ( CNY 10.60 million) as of December 31, 2018. The transaction is expected to complete on December 31, 2020. The agreement will be effective when the transaction amount is deposited into the escrow account . If the transaction amount is not received by the above date or the withdrawal of the transaction amount is not possible by May 15, 2020, it will be forfeited. Wooyoung Accounting Corporation acted as external evaluation agency in the transaction. Jiangsu Iricom New Material Co., Ltd. cancelled the acquisition of Sangbo New Material (Suzhou) Limited from SANGBO Corp. (KOSDAQ:A027580) on November 30, 2020. The transaction was cancelled due to contract default.