Shanghai Kangchang Enterprise Management Co., Ltd. signed a share transfer agreement to acquire 7% stake in Zhuhai Xinhuan Environment-Friendly Co., Ltd. from Anhui Shengyun Environment-Protection group Co., Ltd (SZSE:300090) for CNY 28 million on March 30, 2018. For the year ended December 31, 2017, Zhuhai Xinhuan Environment-Friendly Co., Ltd. had revenue of CNY 99.8 million and net profit of CNY 5.7 million. As of December 31, 2017, Zhuhai Xinhuan Environment-Friendly Co., Ltd. had total assets of CNY 761 million and net assets of CNY 264 million. The board of Anhui Shengyun Environment-Protection group Co., Ltd approved the transaction in its 21st meeting of 5th directorate on March 30, 2018. The transaction does not need approval from the shareholders of Anhui Shengyun Environment-Protection group Co., Ltd. Shanghai Kangchang Enterprise Management Co., Ltd. cancelled the acquisition of 7% stake in Zhuhai Xinhuan Environment-Friendly Co., Ltd. from Anhui Shengyun Environment-Protection group Co., Ltd (SZSE:300090) on March 30, 2019.