Baosheng Science and Technology Innovation Co., Ltd. (SHSE:600973) signed the share transfer agreement to acquire 51% stake in Changzhou Jinyuan Copper Co., Ltd. from JX Nippon Mining & Metals Corporation for approximately CNY 260 million on January 13, 2017. On August 29, 2017, supplementary agreement was signed. The consideration will be paid in cash. On closing, JX Nippon Mining & Metals Corporation will continue to hold 10.44% stake in Changzhou Jinyuan Copper Co., Ltd. For the period of October 31, 2016, Changzhou Jinyuan Copper Co., Ltd. reported total assets of CNY 1.61 billion and net assets of CNY 433.63 million. The transaction is subject to approval from the Board of JX Nippon Mining & Metals Corporation, subject to approval from shareholders of Baosheng Science and Technology Innovation Co., Ltd., subject to approval from Ministry of Commerce’s review on the concentration of business operators and the state-owned assets management department’s filing of the assessment report and the foreign-invested enterprises change filing. As of January 16, 2017, Board of Baosheng Science and Technology Innovation Co., Ltd. approved the transaction. The Board of Directors of JX Nippon Mining & Metals Corporation has also approved the transaction. The transaction has been approved by the Ministry of Commerce of the People's Republic of China Anti-monopoly Bureau and also approved by Baosheng Science and Technology Innovation Co., Ltd.'s 6th directorate in its 21st meeting on August 29, 2017. The fulfillment of assessment filing record procedures with the state-owned assets management department has been obtained. As of September 15, 2017, the transaction is approved by the shareholders of Baosheng Science and Technology Innovation. Huatai United Securities Co., Ltd. acted as financial advisor, JC Master Law Offices acted as legal advisor and Union Power Certified Public Accountants Co., Ltd acted as accountant to Baosheng Science and Technology Innovation Co., Ltd.