Yinyi Real Estate Co., Ltd. (SZSE:000981) agreed to acquire Ningbo Haosheng Investment Co., Ltd. from Tibet Yinyi Investment Management Co., Ltd for CNY 3.3 billion in stock on February 29, 2016. Yinyi Real Estate will issue 558.38 million shares at CNY 5.91 per share. As of September 29, 2016, the transaction was amended. Yinyi Real Estate will now issue 481.41 million shares at CNY 5.91 per share as consideration. Yinyi Real Estate will issue up to 102.36 million shares for CNY 8.06 per share to raise up to CNY 835 million for supplement of working capital. Ningbo Haosheng Investment reported total assets of CNY 4.5 billion, owner’s equity of CNY 2.55 billion, revenue of 1.89 billion, operating profit of CNY 169.1 million, and net profit of CNY 127.3 million for the year ending December 31, 2015. The transaction is subject to approval from another Directorate meeting of Yinyi Real Estate Co., Ltd., approval from the shareholders of Yinyi Real Estate Co., Ltd. and the China Securities Regulatory Commission approval. The transaction was approved by the Board of Yinyi Real Estate Co., Ltd on March 1, 2016. Morgan Stanley Huaxin Securities Company Limited acted as financial advisor for Yinyi Real Estate Co., Ltd. The transaction was approved by the board of Yinyi Real Estate Co., Ltd. as of September 29, 2016. The transaction was approved by the shareholders of Yinyi Real Estate Co., Ltd. as of October 20, 2016. On January 17, 2017, CSRC approved the deal. C&S Law Firm acted as legal advisor and Pan-China Certified Public Accountants acted as accountant to Yinyi Real Estate Co., Ltd. Yinyi Real Estate Co., Ltd. (SZSE:000981) completed the acquisition of Ningbo Haosheng Investment Co., Ltd. from Tibet Yinyi Investment Management Co., Ltd on January 23, 2017.