Shenzhen Anche Technologies Co., Ltd. (SZSE:300572) signed an asset purchase agreement to acquire various stakes in Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. from a group of sellers for approximately CNY 340 million on January 8, 2020. 70% stake in Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd. from Shandong Zhengzhi Garden Engineering Group Co., Ltd., Linyi Jielun Commerce and Trade Co., Ltd., Shandong Jiahui Energy Co., Ltd., Linyi Yongfu Enterprise Management Services Co., Ltd., Shandong Huima Enterprise Management Services Co., Ltd., 34.3% stake in Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd. from Linyi Zhengte New Energy Co., Ltd., 34.3% stake in Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd. from Linyi Jinhu Building Materials Co., Ltd., 70% stake in Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. from Shandong Zhengzhi Garden Engineering Group Co., Ltd., Sun Zhonggang, Yin Zhiyong and 35% stake in Shandong Zhengzhi Auto Insurance Agency Co., Ltd. from Li Qiang, Yang Yuliang. Because Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd. holds 51% stake each in Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd. and Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. holds 50% stake in Shandong Zhengzhi Auto Insurance Agency Co., Ltd., hence, post abovementioned acquisition, the Company will directly and indirectly hold a total of 70% stake each in Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd., and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. Shenzhen Anche Technologies will use cash to fund the deal. As of September 30, 2019, Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. reported total assets of CNY 48.79 million, CNY 7.26 million, CNY 6.66 million, CNY 102.05 million and 10.69 million respectively. As of September 30, 2019, Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd. and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. reported total equity of CNY 32.61 million, CNY 5.3 million, CNY 3.78 million and CNY 7.6 million. As of September 30, 2019, Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. reported net liabilities of CNY 8.06 million. For the year ending December 31, 2019, Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd had total assets of CNY 188.2 million, net assets of CNY 47.4 million, revenue of CNY 99.2 million, operating profit of CNY 48.9 million and net profit of CNY 36.3 million. The transaction is subject to two Directorate approvals by Shenzhen Anche Technologies's Board of Directors after the relevant audit and assessment/valuation works are completed, Approval from Shenzhen Anche Technologies's shareholders and other necessary approvals, filing records, or authorization (if any). The transaction has obtained approval by Shenzhen Anche Technologies' 3rd directorate in its 12th meeting on January 8, 2020 and approval from the shareholders of Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd., and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. on January 8, 2020. On April 10, 2020, the company convened the thirteenth meeting of the third directorate to review and approve the draft reorganization and related proposals. On April 10, 2020, Shenzhen Liangjia Enterprise Management Consulting Co., Ltd held a shareholders' meeting and reviewed and approved the relevant bill on the transaction. The transaction plan has been reviewed and approved by the internal authority of the seller. As on May 19, 2020, the shareholders of Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. carried out a restructuring of the companies above, and put all shares of the companies under Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., and Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd.’s 100% stake under Shangqiu Honglve Commercial Management Consulting Center (Limited Partnership), Shangqiu Dingjia Network Technology Partnership Enterprise (Limited Partnership), and Linyi Dingliang Business Management Consulting Center (Limited Partnership), holding 52.04%, 17.96%, and 30% stake, respectively. Shenzhen Anche Technologies Co., Ltd. (SZSE:300572) signed Acquisition of Assets Agreement to acquire 70% stake in Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd. from Shangqiu Honglve Commercial Management Consulting Center (Limited Partnership) and Shangqiu Dingjia Network Technology Partnership Enterprise (Limited Partnership) for CNY 302.4 million on May 18, 2020. On May 18, 2020, Shenzhen Anche Technologies Co., Ltd. held the 16th Meeting of the 3rd Directorate, and approved the deal. On May 18, 2020, Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd. held a shareholders meeting, and approved the deal. ZTF Securities Co., Ltd. acted as financial advisor, Zhong Lun Law Firm acted as legal advisor and Moore Stephens Da Hua Certified Public Accountants acted as accountant for Shenzhen Anche Technologies Co., Ltd. Shenzhen Anche Technologies Co., Ltd. (SZSE:300572) cancelled the acquisition of various stakes in Linyi Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Hedong District Zhengzhi Motor Vehicle Inspection Co., Ltd., Linyi Lanshan District Zhengzhi Motor Vehicle Inspection Co., Ltd., Shandong Zhengzhi Second-hand Car Trading Market Co., Ltd. and Shandong Zhengzhi Auto Insurance Agency Co., Ltd. from a group of sellers on January 8, 2021.