Changzhou Tenglong Auto Parts Co., Ltd. (SHSE:603158) signed a letter of intent to acquire 80% stake in Xiamen Dajun Sophisticated Industry Co., Ltd. from THREE BROTHERS CO. LTD. on January 8, 2016. Changzhou Tenglong Auto Parts Co., Ltd. signed an equity acquisition agreement to acquire 80% stake in Xiamen Dajun Sophisticated Industry Co., Ltd. from THREE BROTHERS CO. LTD. for CNY 60.8 million on March 22, 2016. Post-acquisition, Changzhou Tenglong will invest CNY 19.2 million into Xiamen Dajun Sophisticated. For the year ended December 31, 2015, Xiamen Dajun Precision Industry Co., Ltd. reported total revenues of CNY 103.14 million, total assets of CNY 74.96 million, net income of CNY 10.94 million and net assets of CNY 37.69 million. The deal is subject to approval from shareholders of Changzhou Tenglong Auto Parts Co., Ltd. On April 8, 2016, the shareholders of Changzhou Tenglong approved the transaction. As of March 22, 2016 Board of Changzhou Tenglong Auto Parts Co., Ltd. approved the transaction. Changzhou Tenglong Auto Parts Co., Ltd. (SHSE:603158) cancelled the acquisition of 80% stake in Xiamen Dajun Sophisticated Industry Co., Ltd. from THREE BROTHERS CO. LTD. on January 8, 2017.