Wuhu Dezhen Ruiyuan Investment Partnership (Limited Partnership) signed an equity transfer agreement to acquire a 42% stake in Beijing Langcy Hanya Asset Management Co., Ltd. from Lancy Co., Ltd. (SZSE:002612) for approximately CNY 700 million on June 26, 2019. Under the term, Wuhu Dezhen Ruiyuan Investment Partnership will pay 51% of the consideration amounting to CNY 354.93 million within 10 working days, the remaining 49% amounting to CNY 341 million will be paid within three months after equity transfer is completed. Post completion, Lancy will reduce the stake holding in Beijing Langcy Hanya Asset Management from 76% to 34%. As of December 31, 2018, Beijing Langcy Hanya Asset Management reported total assets of CNY 2.62 billion, total common equity of CNY 1.64 billion, revenue of CNY 105.19 million and net income of CNY 126.08 million. On June 25, 2019, the Lancy's independent directors issued the “Pre-approval Opinions on Matters Related to the 39th meeting of the third directorate” and agreed to submit the transaction to the board of directors for review. The transaction is approved by the board of directors of Lancy on the 39th meeting of the third directorate held on June 26, 2019. Wuhu Dezhen Ruiyuan Investment Partnership (Limited Partnership) cancelled the acquisition of a 42% stake in Beijing Langcy Hanya Asset Management Co., Ltd. from Lancy Co., Ltd. (SZSE:002612) on June 26, 2020.