Shengxing Group Co.,Ltd (SZSE:002752) intends to sign an equity transfer agreement to acquire remaining 20% stake in Fujian Shengxingyun Internet of Things Technology Co., Ltd. from Fujian Yunbushi Group Co., Ltd. for CNY 1.1 million on January 17, 2019. Under the terms, consideration was CNY 0 and Shengxing Group Co.,Ltd will bear the debt of Fujian Yunbushi Group Co., Ltd. towards Fujian Shengxingyun Internet of Things Technology Co., Ltd. of CNY 1.05 million. Upon completion, Shengxing Group Co.,Ltd's stake will increase from 80% to 100% and Fujian Shengxingyun Internet of Things Technology Co., Ltd. will become a wholly owned subsidiary of Shengxing Group Co.,Ltd. As of December 31, 2018, Fujian Shengxingyun Internet of Things Technology Co., Ltd. reported total assets of CNY 2.5 million and net assets of CNY 1.5 million. For the year ended December 31, 2018, Fujian Shengxingyun Internet of Things Technology Co., Ltd. reported operating revenue of CNY 2.1 million and net loss of CNY 3.1 million. The transaction was approved on January 17, 2019 by the 26th meeting of the 3rd Directorate of Shengxing Group Co.,Ltd.