Xiamen Overseas Chinese Electronic Co.,Ltd. (SHSE:600870) signed the investment cooperation agreement to acquire 49.85% stake in BusinessBigData from Zeng Tu, Zhou Tao, Shenzhen Bibide Equity Investment Partnership (Limited Partnership) and Shenzhen Kaiqi Feixiang Equity Investment Partnership in stock and cash on March 15, 2016. Zeng Tu, Zhou Tao, Shenzhen Bibide Equity Investment Partnership (Limited Partnership) and Shenzhen Kaiqi Feixiang Equity Investment Partnership will encourage other existing shareholders of BusinessBigData to totally sell 100% stake in BusinessBigData together with them to Xiamen Overseas Chinese Electronic Co.,Ltd. The final plan is subject to the formal agreement signed between all transaction parties. Xiamen Overseas Chinese Electronic Co.,Ltd. signed a definitive agreement to acquire BusinessBigData for CNY 1.9 billion in cash and stock on April 27, 2016. Under the terms of the transaction, Xiamen Overseas will pay CNY 900 million in cash and issue 146.34 million A shares. The deal would be funded using CNY 1.6 billion via private placement to nine parties. BusinessBigData reported total assets of CNY 131.39 million, shareholders’ equity of CNY 124.9 million, operating revenue of CNY 34.89 million, operating profit of CNY 13.02 million and net profit of CNY 11.69 million as of December 31, 2015. The deal is subject to approvals by the shareholders of Xiamen Overseas Chinese Electronic and CSRC. The deal was approved by the Board of Xiamen Overseas Chinese Electronic on April 28, 2016 and by its shareholders on June 6, 2016. The deal was approved by the Board of Xiamen Overseas Chinese Electronic regarding suspension of review of CSRC. China Securities Co., Ltd. acted as financial advisor, Beijing Jingtian & Gongcheng Law Firm acted as legal advisor, Daxin Certified Public Accountants (Special General Partnership) and Fujian Huaxing Certified Public Accountants (Special General Partnership) acted as accountants for Xiamen Overseas Chinese Electronic Co.,Ltd. Xiamen Overseas Chinese Electronic Co.,Ltd. (SHSE:600870) cancelled the acquisition to acquire 49.85% stake in BusinessBigData from Zeng Tu, Zhou Tao, Shenzhen Bibide Equity Investment Partnership (Limited Partnership) and Shenzhen Kaiqi Feixiang Equity Investment Partnership in stock and cash on January 13, 2017.