Great Wall International ACG Co., Ltd. (SZSE:000835) signed an agreement of asset acquisition to acquire Beijing Mini World Culture Development Co., Ltd. from Wang Zhongwen, Hong Binglei, Wang Chaoji and Wang Xuewei for approximately CNY 200 million on June 28, 2016. Great Wall International ACG will issue 10.24 million shares at CNY 12.69 per share and pay cash of CNY 70 million as part of the transaction consideration. Great Wall International ACG Co. plans to raise financing of CNY 425 million for the acquisition of Mini Shijie along with acquisition of Xi'an Lingjing Science and Technology Co., Ltd. Beijing Mini World Culture Development Co. had total assets of CNY 46.12 million, net Liabilities of CNY 1.96 million, revenue of CNY 13.6 million and net loss of CNY 2.1 million in 2015. The transaction is subject to approval from the shareholders of Great Wall International ACG Co. and CSRC. The transaction has been approved by the Board of Directors of Great Wall International ACG Co., Ltd. and shareholders of Beijing Mini World Culture Development Co. As of July 25, 2016, the transaction is approved by the shareholders of Great Wall International ACG Co. As of October 26, 2016, China Securities Regulatory Commission Listed Companies Merger and Reorganization Audit Committee did not approve the acquisition. Northeast Securities Co., Ltd. acted as the financial advisor, Anhui Tianhe Law Firm acted as the legal advisor to Great Wall International ACG Co. and Ruihua Certified Public Accountants, LLP acted as the accountant to Beijing Mini World Culture Development Co. Great Wall International ACG Co., Ltd. (SZSE:000835) cancelled the acquisition to acquire Beijing Mini World Culture Development Co., Ltd. from Wang Zhongwen, Hong Binglei, Wang Chaoji and Wang Xuewei on June 28, 2017.