OB Telecom Electronics Co., Ltd. (SZSE:300270) signed the equity transfer agreement to acquire 2% stake in Hangmei Henglong Mobile Network Technology Co., Ltd. from Guangdong Chengsheng Traffic Technology Investment Co., Ltd., Beijing Jindav Engineering Technology Co., Ltd. and Shi Yuan for CNY 14 million in cash on January 14, 2016. OB Telecom Electronics agreed to transfer the total payment not later than June 30, 2016 starting from the effectiveness date of the agreement. Guangdong Chengsheng Traffic Technology Investment, Beijing Jindav Engineering Technology and Shi Yuan will sell 1.12% stake, 0.48% stake and 0.4% stake respectively in Hangmei Henglong Mobile Network Technology. After the equity transfer, OB Telecom Electronics, Guangdong Chengsheng Traffic Technology Investment, Beijing Jindav Engineering Technology and Shi Yuan will hold 2% stake, 9.48% stake, 4.08% stake and 3.4% stake respectively in Hangmei Henglong Mobile Network Technology. In a related transaction, Guangdong Chengsheng Traffic Technology Investment Co., Ltd., Beijing Jindav Engineering Technology Co., Ltd. and Shi Yuan entered into an agreement to acquire 19% stake in Hangmei Henglong Mobile Network Technology Co., Ltd. from Beijing Hangmei Tianyi Information Technology Co., Ltd. and Beijing Henglong Taide Investment Management Co., Ltd. effective January 14, 2016. OB Telecom Electronics will use self-financed funds to pay the consideration. As of October 31, 2015, Hangmei Henglong Mobile Network Technology reported total assets of CNY 30.74 million and total shareholders’ equity of CNY 29.98 million. On January 14, 2016, the transaction was approved by the Board of Directors of OB Telecom Electronics. The deal is expected to close not later than August 30, 2016. OB Telecom Electronics Co., Ltd. (SZSE:300270) cancelled the acquisition of 2% stake in Hangmei Henglong Mobile Network Technology Co., Ltd. from Guangdong Chengsheng Traffic Technology Investment Co., Ltd., Beijing Jindav Engineering Technology Co., Ltd. and Shi Yuan on January 14, 2017.