Zhejiang Jiuli Hi-Tech Metals Co., Ltd. (SZSE:002318) signed an agreement to acquire 70% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd from Feng Yongsen for CNY 5.4 million on January 29, 2016. The transfer price will be paid in 2 phases. After the transaction, Zhejiang Jiuli Hi-Tech Metals Co., Ltd will hold 70% stake and Feng Yongsen will hold 30% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd. After the transaction, Zhejiang Jiuli Hi-Tech Metals Co., Ltd and Feng Yongsen will carry out a capital increase in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd. As of October 31, 2015, Huzhou Huate Stainless Steel Tubes Manufacturing reported total assets of CNY 68.46 million, net liabilities of CNY 4.58 million, revenues of CNY 54.42 million and net loss after deducting nonrecurring profit and loss of CNY 3.78 million. The Board of Zhejiang Jiuli Hi-Tech Metals Co., Ltd approved the transaction on February 3, 2016. Zhejiang Jiuli Hi-Tech Metals Co., Ltd. (SZSE:002318) cancelled the acquisition of 70% stake in Huzhou Huate Stainless Steel Tubes Manufacturing Co., Ltd from Feng Yongsen on January 29, 2017.