Hangzhou Jiebai Group Co., Limited (SHSE:600814) made an offer to acquire Hangzhou Commercial Tourism Investment Co., Ltd. from Hangzhou Commercial Tourism Group Co., Ltd. for CNY 2.8 billion in stock on January 29, 2013. Hangzhou Jiebai Group will issue 454.34 million A shares of its common stock. The shares issued by Hangzhou Jiebai Group shall not be transferred by Hangzhou Commercial Tourism Group within 36 months from the date of completion of the issuance. A framework agreement will be signed later. The transaction is subject to approval of China Securities Regulatory Commission and is unanimously approved by the Board of Directors of Hangzhou Jiebai Group on January 29, 2013.

As on July 25, 2013, the consideration was revised to CNY 2.7 billion. Hangzhou Jiebai Group will issue 399.75 million A shares of its common stock. As on July 1, 2014, the consideration was revised to CNY 2.8 billion. Hangzhou Jiebai Group will issue 404.64 million A shares of its common stock. The transaction was approved by Board of Directors of Hangzhou Commercial Tourism Group. The transaction is also subject to approval by Zhejiang Province State-owned Assets Supervision and Administration Commission. The Board of Directors of Hangzhou Jiebai Group approved to raise transaction through issuance of shares. On August 21, 2013, the Zhejiang Province State-owned Assets Supervision and Administration Commission approved the transaction. On August 25, 2014, it was announced that recently, Hangzhou Jiebai Group Co., Ltd. received approval issued by the CSRC. Shareholders of Hangzhou Jiebai Group approved the transaction on August 29, 2013. Grandall Law Firm acted as legal advisor, China Securities Co., Ltd. acted as financial advisor and Pan-China Certified Public Accountants LLP acted as accountant for Hangzhou Jiebai Group Co.,Limited.