Xi'an Tianhe Defense Technology Co., Ltd. (SZSE:300397) entered into letter of intent to acquire to acquire remaining 49% stake in Nanjing Bi'ao Electronic Technology Co., Ltd from Gong Zeming, Huang Yunxia, Zhang Chuanru, Zhong Jinke and Xu Yue for approximately CNY 750 million on February 2, 2020. Xi'an Tianhe Defense Technology Co., Ltd. entered into an agreement to acquire remaining 49% stake in Nanjing Bi'ao Electronic Technology Co., Ltd from Gong Zeming, Huang Yunxia, Zhang Chuanru, Zhong Jinke and Xu Yue on February 3, 2020. Under the terms, Xi'an Tianhe Defense Technology will issue 5,502,392 shares to Gong Zeming, 4,585,326 shares to Huang Yunxia, 4,585,326 shares to Zhang Chuanru, 2,751,196 shares to Zhong Jinke and 917,065 shares to Xu Yue. Gong Zeming will sell 14.7% stake for CNY 69 million, Huang Yunxia will sell 12.2% stake for CNY 57.5 million, Zhang Chuanru will sell 12.2% stake for CNY 57.5 million, Zhong Jinke will sell 7.3% stake for CNY 34.5 million and Xu Yue will sell 2.4% stake for CNY 11.5 million in Nanjing Bi'ao Electronic Technology Co., Ltd. In a related deal, Xi'an Tianhe Defense Technology Co., Ltd. agreed to acquire 40% stake in Shenzhen Huayang Technology Development Co., Ltd from a group of investors. Xi'an Tianhe Defense Technology Co., Ltd. will issue shares at CNY 22.6 per share as part of consideration. As reported on August 11, 2020, the issue price was adjusted to CNY 12.54. Nanjing Bi'ao Electronic Technology Co., Ltd had total assets of CNY 101 million and total common equity of CNY 89 million as on September 30, 2019. The transaction needs to be approved by: (1) Xi'an Tianhe Defense Technology Co., Ltd. would need to hold another directorate to approve this transaction, (2) Xi'an Tianhe Defense Technology Co., Ltd.’s shareholders’ meeting, (3) CSRC State Administration of Science, Technology and Industry for National Defence. On February 2, 2020, Nanjing Bi'ao Electronic Technology Co., Ltd held its shareholders’ meeting and approved for Xi'an Tianhe Defense to acquire 49% stake. On February 3, 2020, Xi'an Tianhe Defense held the 4th session of its 4th directorate and approved the transaction. On July 10, 2020, Xi'an Tianhe Defense held the seventh meeting of the fourth board of directors and passed the proposal. On August 24, 2020, Xi'an Tianhe Defense held its first extraordinary general meeting of shareholders in 2020 and reviewed and approved relevant proposals. On October 18, 2020, Xi'an Tianhe Defense held the tenth meeting of the fourth board of directors to review and approve relevant proposals. On July 9, 2020, Xi'an Tianhe Defense and the counterparty signed a supplementary agreement for the issuance of shares to purchase assets. On October 18, 2020, Xi'an Tianhe Defense and the counterparty signed the supplementary agreement (1) of the agreement to issue shares to purchase assets. On April 14, 2020, the transaction plan passed the military affairs review of the National Defense Science and Industry Bureau. The Shenzhen Stock Exchange has reviewed and approved this transaction plan on November 4, 2020. China Securities Regulatory Commission approved this transaction on December 31, 2020. The Chen Kun, Yu Yang, He Jin, Qi Haiwai, Liu Xin, Zhong Shihai, Zhang Hengzhi and Chen Xi of Founder Financing Services Co., Ltd acted as financial advisor, Chen Gang, Chen Di and Wu Lintao of Zhong Lun Law Firm acted as legal advisor and Zhang Enxue and Shi Lei of Pan-China Certified Public Accountants LLP acted as accountant to Xi'an Tianhe Defense Technology Co., Ltd. Xi'an Tianhe Defense Technology Co., Ltd. (SZSE:300397) completed the acquisition of remaining 49% stake in Nanjing Bi'ao Electronic Technology Co., Ltd from Gong Zeming, Huang Yunxia, Zhang Chuanru, Zhong Jinke and Xu Yue on January 21, 2021.