Zhejiang Yilida Ventilator Co., Ltd. (SZSE:002686) agreed to acquire Hangzhou Tiecheng Charger Limited from Jiang Tiecheng, Zhang Jinlu and Gregory Ilya McCrea for approximately CNY 620 million in cash and stock on July 3, 2016. Under the terms of the transaction, the consideration will be paid as CNY 407.5 million in cash and CNY 217.5 million by issue of 15.9 million shares. Gregory Ilya McCrea will receive only cash consideration of CNY 187.5 million. Zhejiang Yilida will raise up to CNY 427.5 million via share issue of private placement for cash payment and expense of transaction. As reported on July 14, 2016, the terms of the deal were amended. Zhejiang Yilida Ventilator will now issue 11.34 million shares to Jiang Tiecheng and 4.5 million shares to Zhang Jinlu. Zhejiang Yilida Ventilator intends to issue shares in a private placement toward not more than 10 qualified specific investors to raise gross proceeds of not more than CNY 217.5 million. Proceeds will be used to pay the cash consideration of transaction. As of December 31, 2015, Hangzhou Tiecheng Charger Limited reported total assets of CNY 142.8 million, total shareholders’ equity of CNY 60.03 million, revenues of CNY 141.5 million, operating profit of CNY 36.2 million and net profit of CNY 31.8 million. The transaction is subject to approval by shareholders of Zhejiang Yilida Ventilator, competent department of commerce and China Securities Regulatory Commission. The transaction is approved by the Board of Zhejiang Yilida Ventilator Co., Ltd. and Board of Hangzhou Tiecheng Charger Limited on July 3, 2016. On July 12, 2016, the Board of Directors of Zhejiang Yilida Ventilator Co approved the revised acquisition of asset through share issuance and cash payment and raising of supporting funds. The approval of the Board is still needed after the audit and appraisal reports are issued. On August 31, 2016, the shareholders of Zhejiang Yilida Ventilator approved the transaction. The transaction was approved by Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission on November 8, 2016. As of January 6, 2017, China Securities Regulatory Commission approved the transaction. Sinolink Securities Co., Ltd. acted as financial advisor, Llinks Law Offices acted as legal advisor and Zhongxi Certified Public Accountants acted as accountant for Zhejiang Yilida. Zhejiang Yilida Ventilator Co., Ltd. (SZSE:002686) completed the acquisition of Hangzhou Tiecheng Charger Limited from Jiang Tiecheng, Zhang Jinlu and Gregory Ilya McCrea on January 16, 2017.