Hunan Longwo Culture Technology Industry Co., Ltd. signed a transfer agreement to acquire 24.6% stake in Sichuan Western Resources Holding Co., Ltd. (SHSE:600139) from Sichuan Hengkang Development Co., Ltd. for CNY 650 million on July 26, 2018. Hunan Longwo Culture Technology Industry will acquire 162.5 million shares at an offer per share of CNY 4. Sichuan Hengkang Development presently holds 40.4% stake and after completion of the transaction it will hold 15.9% stake in Sichuan Western Resources Holding. As of September 7, 2018, the Board of Directors of Sichuan Western Resources Holding Co., Ltd. approved the transaction. As of October 8, 2018, the shareholders of Sichuan Western Resources Holding Co., Ltd. approved the transaction. Hunan Longwo Culture Technology Industry Co., Ltd. cancelled the acquisition of 24.6% stake in Sichuan Western Resources Holding Co., Ltd. (SHSE:600139) from Sichuan Hengkang Development Co., Ltd. on March 20, 2019.