China Telecom Group Investment Co., Ltd. agreed to acquire 18.7% in Beijing Global Safety Technology Co., Ltd. (SZSE:300523) from Tsinghua Holding Venture Capital Co., Ltd. for CNY 1.8 billion on March 15, 2020. As per terms, 43.5 million shares will be acquired at an offer per share of CNY 40.68 leading to a total purchase price of CNY 1.767 billion. Within 5 working days after the signing of the agreement, the buyer shall pay the performance bond to the Tsinghua Holding Venture Capital Co., Ltd.'s designated account in accordance with the transfer notice of the buyer and the company for the public solicitation of transfer, of which the China Telecom has paid the contractual bond (excluding the interest), will automatically be converted into a part of the performance bond. The total amount of the performance bond (including the contractual bond that has been automatically converted into a performance bond) is 30% of the total transfer price, which is CNY 530.38 million. Within 5 working days after the agreement comes into effect and the conditions are all met, China Telecom shall pay the remaining transfer price of CNY 1.237 billion to the Tsinghua Holding’s designated account. The transaction is subject to the approval of Ministry of Finance and The State owned assets Supervision and Administration Commission of the State Council. As of May 21, 2020, the State Administration of Market Supervision and Administration approved the transaction. As of May 29, 2020, the Ministry of Finance of the People ’s Republic of China approved the transaction. China Telecom Group Investment Co., Ltd. completed the acquisition of 18.7% stake in Beijing Global Safety Technology Co., Ltd. (SZSE:300523) from Tsinghua Holding Venture Capital Co., Ltd. on October 29, 2020.