Wu Lizhong signed an agreement to acquire 60% stake in Bei Kong (Dalian) Investment Co., Ltd. from Beijing Enterprises Water Group Limited (SEHK:371) for CNY 1.5 billion on December 30, 2016. The consideration of CNY 1.2 billion by set-off against debt due between Bei Kong (Dalian) and its members and CNY 300 million by cash. After the completion of the transaction, Bei Kong (Dalian) Investment Co., Ltd. will cease to be a subsidiary of Beijing Enterprises. During the year ended December 2015, Bei Kong (Dalian) Investment Co., Ltd. reported net assets of CNY 2.34 billion and net profit after tax as CNY 38.07 million. Board of Beijing Enterprises Water approved the deal. Wu Lizhong completed the acquisition of 60% stake in Bei Kong (Dalian) Investment Co., Ltd. from Beijing Enterprises Water Group Limited (SEHK:371) on December 30, 2016.