Beijing Beetech Inc. (SZSE:300667) agreed to acquire Zolix Instruments Co., Ltd. from a group of sellers for approximately CNY 700 million on March 8, 2019. Under the terms of the transaction, Beijing Beetech will issue 17.6 million shares, pay CNY 31 million in convertible bonds and CNY 186 million in cash. The cash consideration will be funded through issuance of convertible bonds and common shares for proceeds of CNY 250 million. On August 15, 2019, the number of Beijing Beetech Inc shares to be issued as consideration were revised to 17.61 million. For the year ended December 31, 2018, Zolix Instruments reported total assets of CNY 391.1 million, total common equity of CNY 135.9 million, revenue of CNY 479.7 million and net income of CNY 19.1 million. On March 8, 2019, Beijing Beetech held the 104th Meeting of the 2nd Directorate, and approved the transaction. The transaction is subject to the shareholder approval of Beijing Beetech, Zolix Instruments, Titan Electro-Optics and Beijing Zhuoyi Business Management Partnership. The transaction is also subject to the approval of China Securities Regulatory Commission. On August 12, 2019, Zolix Instruments Co., Ltd.’s shareholder Titan Electro-Optics Co., held its Directorate, approving this transaction and also shareholder Beijing Zhuoyi Business Management Partnership Enterprise (Limited Partnership) held its partner meeting, approving this transaction. On August 13, 2019, Zolix Instruments Co., Ltd. held its shareholders’ meeting, approving this transaction. On August 14, 2019, the 18th session of Beijing Beetech's 2nd Directorate approved this transaction’s formal plan. On September 3, 2019, the transaction is approved by shareholders of Beijing Beetech Inc. On October 31, 2019, the Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC unconditionally approved the transaction. As of November 28, 2019, Securities Regulator approved the transaction. ZTF Securities Co., Ltd acted as independent financial advisor, King & Wood Mallesons acted as legal advisor and ShineWing Certified Public Accountants Co., Ltd. acted as an accountant to Beijing Beetech Inc. Beijing Beetech Inc. (SZSE:300667) completed the acquisition of Zolix Instruments Co., Ltd. from a group of sellers on December 10, 2019. After this change, Beijing Beetech Inc. held 100% equity of Zolix Instruments CO.,LTD, and Zolix Instruments CO.,LTD became its holding subsidiary.