Zhejiang Juhua Co., Ltd. (SHSE:600160) agreed to acquire 20% stake in Zhejiang Petroleum and Chemical Co., Ltd. from Zhejiang Juhua Investment Co., Ltd. on September 24, 2020. The consideration will be paid by way of share issuance and cash payment. The proportion of the amount to be paid by share issuance will not be less than 80%, the remaining will be paid in cash. Zhejiang Juhua Co., Ltd. will issue shares to not more than 35 specific investors to raise supporting funds. The supporting funds will not exceed 100% of the transaction price of the asset acquisition and will not exceed 30% of Zhejiang Juhua Co., Ltd.'s total capital prior to this transaction. The supporting funds will be used to pay for this transaction’s cash consideration, to pay for this transaction’s tax fees and intermediary institution fees. The issue price for this raising of supporting funds transaction will not be less than 80% of the company’s average stock price during the 20 trading days prior to the pricing base date (first day of private placement issuance period). The shares subscribed in this raising of supporting funds must not be transferred within 6 months after the issuance completion date. The transaction is subject to the approval of Zhejiang Juhua Co., Ltd.'s directorate, approval by State-owned Assets Supervision and Administration Department, approval of Zhejiang Juhua Co., Ltd.'s shareholders’ meeting and approval by CSRC. On September 24, 2020, Zhejiang Juhua Investment Co., Ltd. held its shareholders’ meeting, approved this transaction. On October 12, 2020, the 7th session of Zhejiang Juhua Co., Ltd.'s 8th directorate approved this preliminary plan. On October 12, 2020, the 5th session of Zhejiang Juhua Co., Ltd.'s 8th supervisory board approved this preliminary plan. This transaction’s initial plan was approved by the State-owned Assets Supervision and Administration Commission of the People’s Government of Zhejiang Province. As of June 10, 2021, Zhejiang Juhua held the 12th meeting of the 8th session of the board of supervisors and the 9th meeting of the 8th board of supervisors to agree to the company's termination of major asset reorganization.