China Beidahuang Industry Group Holdings Limited (SEHK:39) entered into the equity transfer agreement to acquire Shenzhen Mingjiangtai Trade Co., Ltd. from Chen Xiaoding for approximately CNY 220 million on January 13, 2017. Under the terms of the transaction, China Beidahuang Industry Group Holdings Limited will pay CNY 190 million in cash within one month upon signing of the equity transfer agreement and will issue 76.7 million Shenzhen Mingjiangtai Trade Co., Ltd new shares to the vendor or her designated nominee on or before February 28, 2017. Upon completion Shenzhen Mingjiangtai Trade Co., Ltd will become a wholly-owned subsidiary of China Beidahuang Industry Group Holdings Limited. For the year ended December 31, 2016, Shenzhen Mingjiangtai Trade Co., Ltd. reported total assets of CNY 221.0 million, net assets of CNY 211.5 million and net profit after tax of CNY 0.86 million. The transaction is subject to approval of Board of China Beidahuang Industry Group Holdings Limited, all necessary approvals, consents and waivers have been obtained from all government bodies and third parties for the acquisition, China Beidahuang Industry Group Holdings Limited has been satisfied with and accepted the due diligence results for the Shenzhen Mingjiangtai Trade Co., Ltd, the stock exchange has granted the approval for the listing of, and permission to deal in, the consideration shares and other customary conditions. The transaction is expected to be completed on fifth business day after the fulfillment of the conditions.