Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. agreed to acquire 30% stake in Kennede Electronics MFG. CO., LTD. (SZSE:002723) from Jiang Xiaorong for CNY 1.1 billion on October 20, 2017. As per terms, 55.99 million shares will be acquired at CNY 20 per share. Post completion, Jiang Xiaorong will hold 7.53% stake in Kennede Electronics MFG. CO., LTD. Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. will finance the consideration from loans of CNY 672 million and self-owned capital of CNY 447.8 million. This transaction needs to be reviewed by Shenzhen Stock Exchange for regulation compliance. Shenzhen Huaxin Chuangli Technology Industrial Development Co., Ltd. completed the acquisition of 30% stake in Kennede Electronics MFG. CO., LTD. (SZSE:002723) from Jiang Xiaorong on January 10, 2018.